Re: Bush's Highest Deficit? $482 Billion Obama's Highest Deficit? $1.299 trillion (A trillion is 1,000 billion)

"Economic Downturn and Bush Policies Continue to Drive Large Projected
Deficits
Economic Recovery Measures, Financial Rescues Have Only Temporary
Impact

By Kathy Ruffing and James R. Horney
May 10, 2011

Some lawmakers, pundits, and others continue to say that President
George W. Bush's policies did not drive the projected federal deficits
of the coming decade — that, instead, it was the policies of President
Obama and Congress in 2009 and 2010. But, the fact remains: 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).

The deficit for fiscal year 2009 — which began more than three months
before President Obama's inauguration — was $1.4 trillion and, at 10
percent of Gross Domestic Product (GDP), the largest deficit relative
to the economy since the end of World War II. At $1.3 trillion and
nearly 9 percent of GDP, the deficit in 2010 was only slightly lower.
If current policies remain in place, deficits will likely resemble
those figures in 2011 and hover near $1 trillion a year for the next
decade.

The events and policies that pushed deficits to these high levels in
the near term were, for the most part, not of President Obama's
making. If not for the Bush tax cuts, the deficit-financed wars in
Iraq and Afghanistan, and the effects of the worst recession since the
Great Depression (including the cost of policymakers' actions to
combat it), we would not be facing these huge deficits in the near
term. By themselves, in fact, the Bush tax cuts and the wars in Iraq
and Afghanistan will account for almost half of the $20 trillion in
debt that, under current policies, the nation will owe by 2019. The
stimulus law and financial rescues will account for less than 10
percent of the debt at that time. . . ."

http://www.cbpp.org/cms/?fa=view&id=3490




On Jun 15, 5:17 am, lew <lewc...@aol.com> wrote:
> Bush's Highest Deficit?  $482 Billion  Obama's Highest Deficit?
> $1.299 trillion (A trillion is 1,000 billion)
>
> !  !  !  !  !  !

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