Why Bush Isnt Responsible for Todays Debt Crisis: We get it, the last thing President Obama wants is to be blamed for is the nations growing debtor anything else, actually. But the statute of limitations on blaming President George W. Bush for everythinganythingmust have run out by now. On the debt in particular, its sort of a hard thing to avoid considering President Obama is the first president in history to preside over four years of deficits in excess of $1 trillion. But in the time honored tradition of the Obama Administration, Treasury Secretary Tim Geithner took to the Sunday talk shows to wrongly lay the blame for the countrys massive debt squarely at the feet of President Bush. Geithner, however, overlooks the truth and ignores just how much deeper in debt President Obamas failed leadership will leave America in the future. Speaking on Meet the Press, Geithner claimed that The vast bulk of the increase in debt is a result of the policy choices made by [Obama's] predecessor to finance very expensive tax cuts by borrowing, to finance two wars by borrowing, finance a big expansion of Medicare by borrowing, not cutting other spending or raising taxes. Thats the bulk of the contribution. And of course, Geithner says that Obama is blameless, arguing that his policies caused only about 12%, a very small fraction of the increase in debt youve seen over this period of time. First things first: Are President Bushs policies to blame for todays debt? Quite simply, no. Tax cuts of 2001 and 2003: The left has blamed the Bush tax cuts for wiping out a $5.6 trillion surplus, leaving America with deficits as far as the eye can see. That surplus, though, never existed. According to Heritage research, the Congressional Budget Office (CBO) projected that surplus in January 2001 based on the assumption that the economy would keep growing at the late 1990s rate, that the stock market bubble would continue and generate record revenues, and that there would be no recessions, terrorist attacks or natural disasters, and that all discretionary spending would fall to 1930s levels. Those assumptions, as we now know, were miles off target, and the anticipated surplus never materialized. From the years 2002 to 2011, the United States ran a deficit of about $6.1 trillion an $11.7 trillion swing from what CBO projected. At a cost of $1.7 trillion, the Bush tax cuts only account for 14% of that amount. Blaming those tax cuts for todays debt just doesnt add up. The Wars in Iraq and Afghanistan and the Medicare Prescription Drug Program: How about the war spending and the prescription drug costs that Geithner also cites as the root cause of the debt? Again, hes wrong. And heres why. Those policies were implemented in the early 2000s, and through 2008, annual deficits ranged from $160 billion to $458 billion annually. But in 2009, after President Obama took office, that number shot up to $1.4 trillion. How could existing policies with stable costs suddenly triple the annual deficit? They couldnt the cause was collapsing revenues from the recession along with Obamas stimulus spending. The Future: While Geithner and the president are turning their heads to stare down the past, theyre refusing to do anything about the future. And theyre making matters worse. Under the presidents budget, mandatory spending increases by $1.16 trillion through 2022 while producing cumulative deficits of $6.4 trillion. Meanwhile, the president does nothing to reform the tax code or to tackle the entitlement spending crisis, leaving the future even worse than the present. Source
Right wing lemmings blame everything under the sun on Obama, but Bush gets a pass? Are you guys really serious? Geezus man. Hey....enjoy the 2012 election. PinkSlip and all of his "never worked a day in his life" cash portfolio won't do him or your crackpot party any good. The next thing you're gonna tell us is that Bush was smart too.
Bush gets a pass? Have you been in the conscious world? Bush gets blamed for everything. Obama is the one that clearly gets a pass.
Bush gets a pass from most right wingers... And the heritage foundation, seriously, their heads are shoved so far to where the sun doesn't shine that to quote them is ridiculous. They have been proven wrong over and over and over. This is the congressional budget office analysis... Gee, seems like republican policies and wars have a huge share. The economic downturn, which started long before Obama also has a huge share. Yes, it is Bush's / republican's fault more than others. You do know the deficit was projected to be $1.3 Trillion before Obama even took office. But I guess in a republican's mind that is Obama's fault too.
Left wing twinks claim Obama's national debt is severasl billion less than the little Bush ... but - little Bush had 2 wars, Katrina and Bank bailouts over EIGHT YEARS (not Obama's THREE YEARS)
It is the fault of each and every person who has been elected to (national) public office since 1929. I pick that year because of the Stock Crash where America had to pick itself up by the bootstraps and start over. They started screwing it up with multiple social programs that had no time limits and then the political "pacman" started chewing his way into our wallets and he has never stopped.
You may want to go back to 1913 when Wilson pushed through amendment to allow a private banking system to take over our currency with the Federal Reserve
Only Obama is guilty for debt because he had enough time to change the wrong situation. Instead of that he bowed down to all dictators and transformed USA to a world's harlequin.
It's still the Shrub's recession. You do not rebuild an industrial base in three years. I partly blame Paul Ryan and Mitch McConnel for digging in their heals and insisting that the 1% keep the tax cuts they got before the deficit bubble formed. Only an idiot borrows money to fight a war. Only an idiot allows war profiteers to make millions while working people lose their homes and jobs and drop off the tax rolls entirely.
Obama and liberals in general. They have been in control since Jan 2007.... something liberals love to forget. Bush ran up 4.5 billion in 8 years... which is ridiculous. Obama has run up over 5 million in less than 4 years. I don't even know a word to describe that.
Historically, deficit and National Debt spending reflects fiscal irresponsibility and accountability by both Democrats and Republicans. Since the inception of The Federal Reserve, established in 1913 not one U.S. President left office without reducing The National Debt back to the exact amount in which that particular President was inaugurated.
Ummm no after the market crash of 29 banks were put in there place and not allowed to do a majority of the thing they do now. There was not a defict problem until Reagan came to power. Lets be real honest there are two Republican Presidents that can be blamed. Reagan and Bush. Clinton played his role to bending America over and helping repeal Glass Steagall. Anyone that blames Obama has a screw loose. He had very little control of what happened before he took office. This poll is B.S simply because it does not put the main culprits in it. Obama dealt with the situation, he did not cause it so having any part of the blame of what caused it is mute. There are a whole list of players both Republican and Democrat that played a roll
The Numbers don't lie ... Isn't it amazing how important deficit reduction becomes, but only during Democratic administrations? It's almost as if there were some some set of forces out there conspiring to make sure that money only gets spent on Republican priorities, but not Democratic ones. Since both sides are obviously to blame for ignoring the deficit, I'm going to chalk it up to hyperpartisanship. Wouldn't want to divide the country by engaging in class warfare, after all.
Fiscal years 2010 and 2011 exhibited massive debt spending by President Obama and a Democratic led controlled Congress. Authorized budgetary expenditures for 2010 equaled an estimated $3.552 trillion. Estimated expenditures for 2011 is $3.729 trillion. Democrats and President Obama held America's economy hostage through measures of government imperialism and interventionism and failing to decrease Federal expenditure/entitlement spending and increase Federal revenue. (taxation) Historically, The Democratic Party rightfully earns the largest share of The National Debt (Public Debt) National Debt has increased more under Obama than under Bush http://www.cbsnews.com/8301-503544_...s-increased-more-under-obama-than-under-bush/
Oh lordy you blamed Reagan and Bush the *********s are gonna have a fit and call you a communist. Also they might want to see your Birth Certificate
Bogus chart... Nice try: http://http://www.washingtonpost.com/blogs/fact-checker/post/a-bogus-chart-on-obama-and-the-debt-gets-a-new-lease-on-life/2011/09/28/gIQAx40Y6K_blog.html
One option that is missing from this poll is the "Republican party", and they are Responsible for perpetuating the problems started by the Bush Administration. If they had not spent the last 3 ½ years blocking, filibustering, and obstructing every effort proposed by President Obama, we would have been much further out of the national deficit and economic quick sand by now! The only thing I will blame Obama for is not being more aggressive at getting things done while he still had a Democratic majority in the House. His effort to appease the ousted GOP only contributed to the long term effects of the prior administration’s near event horizon policies that we are still struggling to pull out of.
I'm sick of this flat out lie. Obama had super majorities in both the house and senate. He didn't need one Republican vote to pass anything. See the healthcare bill.
LOL, Democrats have been in control since Jan 2007? Bush was president until Jan 2009. .... something conservatives love to forget.
