Give Obama a break on the Budget Deficit

[AllentownJake]

The emerging narrative in political circles is that the White House has a deficit problem. Glenn Beck, over at Fox News, insists that Obama is "spending us into oblivion." Politico called the recent round of job-stimulus appropriations a "spending binge." Sen. Judd Gregg (R-N.H.) deemed this an era of "fiscal recklessness and irresponsibility," the extent of which is "shocking to the American taxpayer."

The drumbeat is loud enough to put Democrats on notice. The president has increasingly discussed the need to get the deficit under control in recent speeches. And in Congress, a proposal to set up a bipartisan commission to force deficit reduction is gaining steam among the party's more conservative members.

All of which may be vital, say budget analysts say. But the hysteria over the deficit misses a fundamental point: the country's fiscal problems largely aren't due to Obama but rather his predecessor



http://www.huffingtonpost.com/2009/12/10/obama-grappling-with-fall_n_387121.html

Anytime any Tea Bagger talks about it, forward them this article pie chart attached.

[Bleacher Creature]

1. Actually, take another step back.

Even if the high deficit could be attributed to Obama's policies, who cares. We are in the worst economic crisis since the Great Depression. Deficits, while a long-term problem, are the last thing anyone should be worried about today. The recession created a giant hole in consumer spending in this country (including in the housing market). The stimulus was designed to fill that hole. Had we not done so, we'd have problems today that would have made the deficit look like child's play.

Paul Krugman has been going on about this ad naseum. There is absolutely no evidence in the bond market that the deficit is a problem and there's absolutely no risk of inflation for the time being. Moreover, our percentage of debt-to-GDP is still well short of where it was during WWI, and still lower than many other industrialized nations.

http://krugman.blogs.nytimes.com/2009/11/19/invisible-bond-vigilantes/

[MNDemNY]

2. I would never fault him on this.

[Clio the Leo]

4. Exactly, we're Democrats....

.... who's complaining about the defecit? lol

Anyway, back to what we were doing ....... STOP THE FRICKIN' WAR ALREADY AND GET US A SINGLE PAYER SYSTEM!!!!! :)

[AllentownJake]

5. Actually we do

That is why we tend to lower them.

[Rosa Luxemburg]

3. It is the Bush deficit, the Bush deficit

[SpartanDem]

6. Good find

Wish the MSM would take note of this

[harkadog]

7. One problem with the pie chart

The 41% section which is labeled as the financial rescue started by Bush -- Obama as a candidate demanded in September 2008 that Democrats in Congress vote for the financial rescue. So yes he owns it too.

[mkultra]

8. Have any proof of this?

this is the second time today that ive heard this. Frankly i have recollection of this and i suspect this might be a ring wing smear(yes, that would make you a troll). So no offense jack but, how about a little proof please.

[harkadog]

9. Umm weren't you around for the campaign?

http://www.cnn.com/2008/POLITICS/09/24/campaign.wrap/index.html http://www.nytimes.com/2008/11/11/us/politics/11auto.html After the first vote was held Obama denounced Congress for not passing it http://www.cnn.com/2008/POLITICS/09/29/campaign.wrap/index.html I am shocked anyone on a political posting board would not know this. So jack you must be the troll.

[mkultra]

11. nothing in those about him demanding support for tarp

see, that's the problem with twisting facts, it makes you look like a troll. Him giving his opion or being upset with congress is not demanding. Trying to say that he demanded they pass TARP is a stretch followed quickly by the next which is claiming it belongs to him.

[harkadog]

12. Go ahead and play your word games

Anyone who was not in a coma knows Obama supported, voted for and urged those in Congress vote for the bailout. You are just embarrassing yourself but that is probably normal for you. He supported and voted for it. He can't now say he had nothing to do with it. And, not like you, he doesn't say that. He has never backed away from his support for the bailout.

[mkultra]

17. your making to0 many leaps to claim he owns it

Bush drove the economy into a ditch which is the reason for the legislation to begin with so no, Obama doesn't own the deficit. Go back to free republic and stay there.

[harkadog]

21. I've never been to that site but you seem to be familiar with it.

Obama appointed one of the primary enablers of the financial meltdown as his Treasury Secretary. He has surrounded himself with others of similar ilk as his economic advisers. With those actions he has now bought and owns the economic mess and what happens later.

[JamesA1102]

10. Odd how the GOP and MSN woke up on Jan. 21st and

all of a sudden noticed that there was a budget deficit. Where the hell were these people the last 8 years.

[vaberella]

13. Do I do the same for the DUers who say the same?! Because there are many.

I was called an asshole because I made reference that one sounded like the above.

[AllentownJake]

14. It was October not September

and proposing legislation is a little different than voting for it. The President bears some responsibility for voting for the legislation, if you are looking to defend that point, I would focus on that it was done politically in the last week of a Presidential campaign. Also focus on, if you feel TARP was necessary that Bush created the conditions necessary for it.

[vaberella]

15. Mostof the issues were based on conditions that were exacerbated due to Bush.

Nothing was safe....including health care. Under him many suffered under fraud, SS and Medicare was cut, health qualities in the US decreased because of it, and Pharma and Insurance companies turned solely into succubi.

[AllentownJake]

16. Bush was a horrible man

That being said, there is no Cost of Living adjustment under this Administration for Social Security.

President Obama does not get a pass by me for not being Bush. When our expectations are lowered to not being the worst President since the 1800s, we need to dream some bigger dreams.

[and-justice-for-all]

18. I do not include Shrub's 1Trillion in Obama's deficit . nt

[backscatter712]

19. Most of the big deficit issues are due to Bush.

Bush hit us with TARP - that's $700B right there. Then there's the war spending, which at least Obama's including in the general budget rather than being dishonest and hitting us with emergency appropriations bills later, which Bush did to make the budget deficit appear smaller initially. Then there's the stimulus package, which was absolutely necessary to pull the economy out of its tailspin (and should clearly have been bigger.)

Realistically, in a couple years, the deficit will shrink considerably - the stimulus was a one-time deal, TARP's a one-time deal, there will be some tightening of the belt, so the deficit problem really isn't the problem that ClusterFOX says it is...

[Kdillard]

20. Where can someone go to get an accurate accounting of our debt

Treasury.gov says it is 12 trillion plus. Someone commented on another website we have borrowed 50 trillion and the real debt is closer to 500 trillion. I am so confused with the numbers and where they are getting that information.