Re: Here are some facts about the debt and the deficit and Bush and Obama

The Troubled Asset Relief Program (TARP) was signed into law by George
W. Bush on October 3, 2008. Obama didn't become president until Jan.
20, 2009.

On May 28, 12:12 pm, jgg1000a <jgg1...@hotmail.com> wrote:
> Tarp was a joint product of Bush and Obama...
>
> On May 26, 5:02 pm, lynn...@aol.com wrote:
>
> > Lew evidently has some memory problems...TARP and the early stimulus packages were BUSH initiatives, just a NAFTA belonged to his daddy. L
>
> > -----Original Message-----
> > From: mg <mgkel...@yahoo.com>
> > To: Open Debate Political Forum IMHO <opendebateforum@googlegroups.com>
> > Sent: Sat, May 26, 2012 11:34 am
> > Subject: Re: Here are some facts about the debt and the deficit and Bush and Obama
>
> > As I said in my original post, most economists agree that the one-time
> > spending for the stimulus
> > was necessary and beneficial.http://www.advisorone.com/2012/02/17/the-stimulus-three-years-on-did-...
>
> > In addition, the consensus among nonideological economists is that the
> > measures taken by Obama and the Federal Reserve prevented the
> > recession from becoming worse or even turning into a second Great
> > Depression.http://thecaucus.blogs.nytimes.com/2012/02/02/fact-check-romney-on-th...
>
> > On May 26, 5:08 am, lew <lewc...@aol.com> wrote:
> > > Bush is not running for president.
>
> > > Obama solved nothing and the country became worse under Obama.
>
> > > TIME FOR A CHANGE !
>
> > > On May 26, 3:47 am, mg <mgkel...@yahoo.com> wrote:
>
> > > > The costs ballooned before Obama took office. As I said, the CBO
> > > > estimated that the deficit for fiscal year 2009 (10/1/2008 -
> > > > 9/30/2009) would be $1.2 trillion before Obama was even sworn in as
> > > > president.http://www.politifact.com/truth-o-meter/statements/2011/jul/27/barack...
>
> > > > If you look at the graph at the following website, you can see exactly
> > > > what caused the $1.2 trillion deficit in 2009 and subsequent years.
> > > > Note that for 2009 a lot of it was because of the economic crash and
> > > > the TARP bailout. Here's a quote from the referenced article:
>
> > > > "The recession battered the budget, driving down tax revenues and
> > > > swelling outlays for unemployment insurance, food stamps, and other
> > > > safety-net programs.[3] Using CBO's August 2008 projections as a
> > > > benchmark, we calculate that the changed economic outlook alone
> > > > accounts for over $400 billion of the deficit each year in 2009
> > > > through 2011 and slightly smaller amounts in subsequent years. Those
> > > > effects persist; even in 2018, the deterioration in the economy since
> > > > the summer of 2008 will account for over $300 billion in added
> > > > deficits, much of it in the form of additional debt-service costs."
>
> > > >http://www.cbpp.org/cms/?fa=view&id=3490
>
> > > > On May 25, 8:39 am, lew <lewc...@aol.com> wrote:
>
> > > > > Bush never signed a 2009 budget.  Just Obama has never signed a 2010,
> > > > > 2011, 2012 nor 2013 budget.
>
> > > > > Why is Obama over-spending income by $1.5 trillion dollars while Bush
> > > > > never over spent income by more than $600 Bilion dollars with the
> > > > > exact same wars?  Bush was fighting those wars for 5 and 6 years.  Al
> > > > > the sudden the costs balloned when Obama shows up?
>
> > > > > On May 25, 10:15 am, mg <mgkel...@yahoo.com> wrote:
>
> > > > > > The cost of the wars will continue to add up long after they are over.
> > > > > > By one estimate the total cost will be $4 trillion.http://news.yahoo.com/blogs/lookout/much-wars-cost-report-says-4-tril...
>
> > > > > > The budget for Oct 2008 to Sept. 2009 began as a spending request by
> > > > > > Bush, who had been in office 8 years, and was signed by Obama on Mar
> > > > > > 12, 2009, which was about 50 days after he took office. If someone
> > > > > > plants a time bomb, he doesn't have to sign it to make it go off.
>
> > > > > > It's very true that Obama has failed to end the war that Bush started.
> > > > > > However, it's also true that it's easier to start a war than it is to
> > > > > > end it.
>
> > > > > > Obama hasn't spent very much money that I know of except for the
> > > > > > stimulus and except for continuing the policies that were in place
> > > > > > when he took office. In fact, when you think about it, what
> > > > > > significant amounts of money has he spent, except for the stimulus
> > > > > > money and what money did George Bush spent and what did he spend it
> > > > > > on?
>
> > > > > > On May 25, 6:55 am, lew <lewc...@aol.com> wrote:
>
> > > > > > > How did Iraq explin so much deficit?
>
> > > > > > > The Itraq War only cost about $1 trillionfrom beginning to end. - Same
> > > > > > > as the Styimulus that went to the unions.
>
> > > > > > > Afhanistan is "Obama's War."  The War we need to fight in Obama's
> > > > > > > words.
>
> > > > > > > P.S.: Bush never signed a budget for 2009.  All the spending in 2009
> > > > > > > is Obama'spending.  Obama has been over spending his income by about
> > > > > > > $1,5 trillion each year.  The most Bush ever over spent his income is
> > > > > > > about $400 Billion. - About 2 1/2 timnes the Bush rate of
> > > > > > > overspending. in  Bush's worst year.
>
> > > > > > > On May 25, 8:44 am, mg <mgkel...@yahoo.com> wrote:
>
> > > > > > > > In doing a little bit of research, I came up with the following
> > > > > > > > information which appears to be completely accurate:
>
> > > > > > > > 1. Before Obama was even sworn in as president, the CBO estimated
> > that
> > > > > > > > the deficit for for fiscal year 2009 (10/1/2008 - 9/30/2009) would
> > be
> > > > > > > > $1.2 trillion.http://www.politifact.com/truth-o-meter/statements/2011/jul/27/barack...
>
> > > > > > > > 2. Only a relatively small amount of the stimulus money was spent in
> > > > > > > > fiscal year 2009. The stimulus didn't really begin to ramp up until
> > Q1
> > > > > > > > of 2010.http://keithhennessey.com/2009/06/03/will-the-stimulus-come-too-late/
>
> > > > > > > > 3. Most economists agree that the one-time spending for the stimulus
> > > > > > > > was necessary and beneficial.http://www.advisorone.com/2012/02/17/the-stimulus-three-years-on-did-...
>
> > > > > > > > 4. The growth in government spending under President Obama has been
> > > > > > > > slower than during the Bush and Reagan administrations. Federal
> > > > > > > > spending is lower now than it was when Obama took office. The so
> > > > > > > > called Obama spending binge never happened.http://thinkprogress.org/economy/2012/03/19/446990/obama-bush-reagan-......
>
> > > > > > > > 5. "The economic downturn, President Bush's tax cuts and the wars in
> > > > > > > > Afghanistan and Iraq explain virtually the entire deficit over the
> > > > > > > > next ten years (see Figure 1)."http://www.cbpp.org/cms/?fa=view&id=3490
>
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