Bush May Leave Ballooning Deficit, Curbing Successor's Programs

Discussion in 'Politics' started by KenH, Jan 24, 2008.

  1. KenH

    KenH
    Expand Collapse
    Active Member

    Joined:
    May 18, 2002
    Messages:
    32,485
    Likes Received:
    0
    Bush May Leave Ballooning Deficit, Curbing Successor's Programs

    By Brian Faler and Rich Miller

    Jan. 22 (Bloomberg) -- President George W. Bush is poised to leave the federal government in worse financial shape than he found it, making it harder for whoever succeeds him to deliver on the promises of this year's election campaign.

    Bush may end his eight years in office with a larger-than- forecast budget deficit approaching 2004's record $413 billion, as an increasingly likely recession slashes tax receipts and raises spending. He'll also leave behind a host of thorny, longer-term problems -- from the expiration of his big tax cuts in 2010 to spiraling spending on senior citizens -- that will dog his successor's budgets for years.

    That means Democratic candidates Hillary Clinton and Barack Obama would find it harder to finance their promised expansion of health-care benefits. Republicans Rudy Giuliani and Mitt Romney would have a tougher time carrying out their pledges to cut taxes.

    ``We have a big hole to crawl out of,'' says Robert Bixby, head of the Washington-based Concord Coalition, a nonpartisan group that advocates balanced budgets. ``Any sort of major initiative by the next president is going to be very difficult to do.''

    - rest at www.concordcoalition.org/news/article-storage/2008/bloomberg--0122.htm
     
  2. TomVols

    TomVols
    Expand Collapse
    Administrator
    Administrator

    Joined:
    Oct 30, 2000
    Messages:
    11,170
    Likes Received:
    0
    Wonderful!

    Nah...they would just have to (GASP) cut spending, perhaps by (brace yourselves) cutting the gelt thrown at unconstitutional programs and departments. Maybe W is a genius after all :smilewinkgrin:
     
  3. KenH

    KenH
    Expand Collapse
    Active Member

    Joined:
    May 18, 2002
    Messages:
    32,485
    Likes Received:
    0
    Most likely they would just put folks' children and grandchildren further into debt to the Chinese to finance any tax cuts.
     
  4. Magnetic Poles

    Magnetic Poles
    Expand Collapse
    New Member

    Joined:
    May 16, 2005
    Messages:
    10,407
    Likes Received:
    0
    Bushco has dug a hole so deep, that it will take decades, and several administrations, to dig out. Tom, you think it is wonderful that we have gone into debt and squandered our resources on invading Iraq over using that money to provide healthcare? Unbelievable!
     
  5. freeatlast

    freeatlast
    Expand Collapse
    New Member

    Joined:
    Mar 1, 2004
    Messages:
    10,295
    Likes Received:
    0
    I had to laugh when I read that article. The writer is evidently out of touch with reality. A 413 billion deficit is peanuts when compared to our national debt. Why even mention the deficit when we have a national debt of almost 10 trillion dollars. That amount is more then the average person can even began to understand. Let me try and open some minds as to just how serious this is. It would cost each man woman and child in this country over 300,000 dollars to pay off the national debt if the population was 300 million people. Or if that is not clear enough one trillion dollars is a million dollars a day, every day, for over 2739 years! We are pushing 10 times that amount in debt so 10 trillion dollars is 1 million dollars a day, every day, for over 27,397 years. To be honest it is only a matter of time until this nation is brought down by its national debt. When that happens lifestyles here will end as we know it and perhaps even the nation itself will cease to be. My guess is that it is not very far off.
     
    #5 freeatlast, Jan 26, 2008
    Last edited by a moderator: Jan 26, 2008
  6. JamieinNH

    JamieinNH
    Expand Collapse
    Banned

    Joined:
    Nov 4, 2005
    Messages:
    2,277
    Likes Received:
    0
    And they are continuing to dig us in. They want a long term agreement with Iraq. Our only hope is that the Iraqis say no! There have been stories out that the Iraqi government don't want us in their country long term and that even after this UN agreement ends they want us to go to background.

    Of course, the Iraqi government doesn't know what is best for them, we want them to be free but do what we tell them... :rolleyes:

    Thank goodness there are no other Bush's to follow. Jeb won't make the WH even if he tried. After this next eight years we will be done with the Clintons too. Maybe then we will find someone like Ron Paul that the country can and will elect to fix this mess these two familes have gotten us into.

    Jamie
     
  7. Magnetic Poles

    Magnetic Poles
    Expand Collapse
    New Member

    Joined:
    May 16, 2005
    Messages:
    10,407
    Likes Received:
    0
    With 300MM people, can't we come up with someone besides a Bush or a Clinton?? People get stuck in a rut with voting...same way they go into a restaurant and order the same thing every time rather than trying something else on the menu.
     
  8. JamieinNH

    JamieinNH
    Expand Collapse
    Banned

    Joined:
    Nov 4, 2005
    Messages:
    2,277
    Likes Received:
    0
    I am neither for Bush or Clinton! :) I am voting for Ron Paul.. You are right thought, with that many people you would think we would have a talented pool to chose from.

    Jamie
     
  9. KenH

    KenH
    Expand Collapse
    Active Member

    Joined:
    May 18, 2002
    Messages:
    32,485
    Likes Received:
    0
    A $413 billion yearly deficit(the real amount is $600 billion when the social security surplus that is spent is included) is nothing to laugh about, my friend. It adds that much more to the national debt in just one year.
     
  10. JustChristian

    JustChristian
    Expand Collapse
    Banned

    Joined:
    Jun 12, 2007
    Messages:
    3,833
    Likes Received:
    0

    So you seem to be saying that the fact that Bush has bankrupt the government and now the economy is a GOOD thing. It's MUCH better for a Republican to do so and prevent a Democrat from introducing their programs. You also seem to be saying that it's GREAT that Bush will have spent over $1.5 T on the war in Iraq (which has accomplished nothing) rather than providing health care for poor Americans. Over 50M Americans don't have health insurance right now and Medicare is going down with Social Security but that's a GOOD THING. Right?
     
  11. TomVols

    TomVols
    Expand Collapse
    Administrator
    Administrator

    Joined:
    Oct 30, 2000
    Messages:
    11,170
    Likes Received:
    0
    Mag Poles, BB:

    I was being tongue in cheek. If Bush's ineptitude ties the hands of a free-spending congress and new president who might continue to spend us into oblivion, spending tax dollars on trifles that are unconstitutional, then that was what I was referring to. Again, tongue in cheek.

    Geez, y'all. Let's lighten up a bit. :thumbs: And while we're at it, let's make sure we have our numbers correct. Good night all!
     

Share This Page

Loading...