Thursday, August 4, 2011

Budget Deficits: 2008 vs. 2011

In 2008 the country was running a deficit of a shade under $500 Billion.

That was too high. Bush allowed Congress to pass through a lot of subsidies and entitlements, which when combined with TARP, a monetary bailout for a car company, and the collapse of the housing market due to poor Congressional oversight of Fannie Mae and Freddie Mac, grew the federal budget deficit from $167 Billion all the way up to about $480 Billion.

Not good. I spoke out against all of those things at the time in posts like this one, and this one, I'm sure there's more but I don't have time to reread my blog. (Man, I should be tagging stuff!) This kind of spending, on the Right or the Left, amounts to horrible domestic policy.

As you may know, the Congress just agreed to raise the debt limit to, get ready, $14.5 TRILLION. That is three TIMES the WORST budget deficit we had under Bush.

So, you tell me. Who is being irresponsible here? I know Bush's domestic policy had it's faults. But certainly nothing compares to this kind of waste and mismanagement under the helm of Obama.

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