March 24, 2009 at 10:20 am UPDATE: This graph is now over two years old. For up to date information see this post: The Truth about Obama’s Budget Deficits, in Pictures
wapoobamabudget1
President Barack Obama has repeatedly claimed that his budget would cut the deficit by half by the end of his term. But as Heritage analyst Brian Riedl has pointed out, given that Obama has already helped quadruple the deficit with his stimulus package, pledging to halve it by 2013 is hardly ambitious. The Washington Post has a great graphic which helps put President Obama’s budget deficits in context of President Bush’s.
President Bush expanded the federal budget by a historic $700 billion through 2008. President Obama would add another $1 trillion. President Bush began a string of expensive financial bailouts. President Obama is accelerating that course. President Bush created a Medicare drug entitlement that will cost an estimated $800 billion in its first decade. President Obama has proposed a $634 billion down payment on a new government health care fund. President Bush increased federal education spending 58 percent faster than inflation. President Obama would double it. President Bush became the first President to spend 3 percent of GDP on federal antipoverty programs. President Obama has already increased this spending by 20 percent. President Bush tilted the income tax burden more toward upper-income taxpayers. President Obama would continue that trend.
President Bush presided over a $2.5 trillion increase in the public debt through 2008. Setting aside 2009 (for which Presidents Bush and Obama share responsibility for an additional $2.6 trillion in public debt), President Obama’s budget would add $4.9 trillion in public debt from the beginning of 2010 through 2016. UPDATE: Many Obama defenders in the comments are claiming that the numbers above do not include spending on Iraq and Afghanistan during the Bush years. They most certainly do. While Bush did fund the wars through emergency supplementals (not the regular budget process), that spending did not simply vanish. It is included in the numbers above. Also, some Obama defenders are claiming the graphic above represents biased Heritage Foundation numbers. While we stand behind the numbers we put out 100%, the numbers, and the graphic itself, above are from the Washington Post. We originally left out the link to WaPo. It has now been added.
CLARIFICATION: Of course, this Washington Post graphic does not perfectly delineate budget surpluses and deficits by administration. President Bush took office in January 2001, and therefore played a lead role in crafting the FY 2002-2008 budgets. Presidents Bush and Obama share responsibility for the FY 2009 budget deficit that overlaps their administrations, before President Obama assumes full budgetary responsibility beginning in FY 2010. Overall, President Obama’s budget would add twice as much debt as President Bush over the same number of years.
March 24, 2009 at 10:20 am UPDATE: This graph is now over two years old. For up to date information see this post: The Truth about Obama’s Budget Deficits, in Pictures
wapoobamabudget1
President Barack Obama has repeatedly claimed that his budget would cut the deficit by half by the end of his term. But as Heritage analyst Brian Riedl has pointed out, given that Obama has already helped quadruple the deficit with his stimulus package, pledging to halve it by 2013 is hardly ambitious. The Washington Post has a great graphic which helps put President Obama’s budget deficits in context of President Bush’s.
President Bush expanded the federal budget by a historic $700 billion through 2008. President Obama would add another $1 trillion. President Bush began a string of expensive financial bailouts. President Obama is accelerating that course. President Bush created a Medicare drug entitlement that will cost an estimated $800 billion in its first decade. President Obama has proposed a $634 billion down payment on a new government health care fund. President Bush increased federal education spending 58 percent faster than inflation. President Obama would double it. President Bush became the first President to spend 3 percent of GDP on federal antipoverty programs. President Obama has already increased this spending by 20 percent. President Bush tilted the income tax burden more toward upper-income taxpayers. President Obama would continue that trend.
President Bush presided over a $2.5 trillion increase in the public debt through 2008. Setting aside 2009 (for which Presidents Bush and Obama share responsibility for an additional $2.6 trillion in public debt), President Obama’s budget would add $4.9 trillion in public debt from the beginning of 2010 through 2016. UPDATE: Many Obama defenders in the comments are claiming that the numbers above do not include spending on Iraq and Afghanistan during the Bush years. They most certainly do. While Bush did fund the wars through emergency supplementals (not the regular budget process), that spending did not simply vanish. It is included in the numbers above. Also, some Obama defenders are claiming the graphic above represents biased Heritage Foundation numbers. While we stand behind the numbers we put out 100%, the numbers, and the graphic itself, above are from the Washington Post. We originally left out the link to WaPo. It has now been added.
CLARIFICATION: Of course, this Washington Post graphic does not perfectly delineate budget surpluses and deficits by administration. President Bush took office in January 2001, and therefore played a lead role in crafting the FY 2002-2008 budgets. Presidents Bush and Obama share responsibility for the FY 2009 budget deficit that overlaps their administrations, before President Obama assumes full budgetary responsibility beginning in FY 2010. Overall, President Obama’s budget would add twice as much debt as President Bush over the same number of years.
A post from March 2009, from the Heritage Foundation... again... If all you read is Right Wing Propaganda... all you'll know is Right Wing Propaganda.
The modern conservative is engaged in one of man's oldest exercises in moral philosophy; that is, the search for a superior moral justification for selfishness. John Kenneth Galbraith
The story is a repost from the Washington Post to try understanding what you read instead of using the same old tired excuses. While we stand behind the numbers we put out 100%, the numbers, and the graphic itself, above are from the Washington Post. We originally left out the link to WaPo. It has now been added.
there is no fiscal cliff ONLY fiscal mismanagement and vote purchasing via 'comfort' in those elected to make us appear equal under the current fiat system and the banking gumbas.....
...you are a product of your environment, your environment is a product of your priorities, your priorities are a product of you......
The replacement of morality and conscience with law produces a deadly paradox.
STOP BEING GOOD DEMOCRATS---STOP BEING GOOD REPUBLICANS--START BEING GOOD AMERICANS
-A tax credit for research and development, benefiting a wide range of industries, including manufacturers, pharmaceutical companies and high tech companies. Cost: $14.3 billion.
-An exemption that allows banks, insurance companies and other financial firms to shield foreign profits from being taxed by the U.S. The tax break is important to major multinational banks and financial firms. Cost: $11.2 billion.
-A tax break that allows profitable companies to write off large capital expenditures immediately - rather than over time - giving some companies huge tax shelters. The tax break, known as bonus depreciation, benefits automakers, utilities and heavy equipment makers. Cost: $5 billion.
-A tax credit for the production of wind, solar and other renewable energy. Cost: $12.2 billion.
- A provision that allows restaurants and retail stores to more quickly write off the cost of improvements. Cost: $3.7 billion.
-Increased tax rebates to Puerto Rico and the Virgin Islands from a tax on rum imported into the United States. The U.S. imposes a $13.50 per proof-gallon tax on imported rum, and sends most of the proceeds to the two U.S. territories. Cost: $222 million.
-A 50 percent tax credit for expenses related to railroad track maintenance through 2013. Cost $331 million.
-A provision that allows motorsport race tracks to more quickly write off improvement costs. Cost: $78 million.
-Enhanced deductions for companies that donate food to the needy, books to public schools or computers to public libraries. Cost: $314 million.
-A tax break that allows TV and movie productions to more quickly write off expenses. Sexually explicit productions are ineligible. Cost: $248 million.
- A tax credit of up to $2,500 for buying electric-powered vehicles was expanded to include electric-powered motorcycles. Golf carts, however, were excluded. Cost: $7 million. Sen. Ron Wyden, D-Ore., took credit for this tax break, saying it would help Oregon-based Brammo, which manufactures electric motorcycles.
"The electric motorcycle industry is poised to create tens of thousands of U.S. jobs over the next five years, led by companies like Oregon's Brammo," Wyden said. "This amendment helps promote the development of a promising U.S. industry and support the transition to a low-carbon American economy."
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When the INSANE are running the ASYLUM In individuals, insanity is rare; but in groups, parties, nations and epochs, it is the rule. -- Friedrich Nietzsche
“How fortunate for those in power that people never think.” Adolph Hitler
Obama nor the Pelosipalooza in Congress have no intention of actually addressing the deficit problem. Three years without a budget. Four years without a plan to cut the deficit. It all equals gross incompetence and failure to the job to which they were elected.
George Amedore & Christian Klueg for NYS Senate 2016 Pete Vroman for State Assembly 2016[/size][/color]
"For this is what America is all about. It is the uncrossed desert and the unclimbed ridge. It is the star that is not reached and the harvest that is sleeping in the unplowed ground." Lyndon Baines Johnson
Obama nor the Pelosipalooza in Congress have no intention of actually addressing the deficit problem. Three years without a budget. Four years without a plan to cut the deficit. It all equals gross incompetence and failure to the job to which they were elected.
The Budget of the United States Government often begins as the President's proposal to the U.S. Congress which recommends funding levels for the next fiscal year, beginning October 1. However, Congress is the body required by law to pass a budget annually and to submit the budget passed by both houses to the President for signature.
If Congress fails to pass an annual budget (as has been the case since 2011), a series of Appropriations bills must be passed as "stop gap" measures. After Congress approves an appropriations bill, it is sent to the President, who may sign it into law, or may veto it.
As DVOR pointed out... "It all equals gross incompetence and failure to the job to which they were elected." Yup, that's the Republican Congress!
The modern conservative is engaged in one of man's oldest exercises in moral philosophy; that is, the search for a superior moral justification for selfishness. John Kenneth Galbraith
Everyone knows that the Dem controlled Senate has blocked any budget proposal that has been submitted including the one proposed by Obama. Let's see, there's a Dem President and the Senate is Dem controlled and only the house is Rep controlled and the house has submitted budgets only to be blocked in the Senate.
The Budget of the United States Government often begins as the President's proposal to the U.S. Congress which recommends funding levels for the next fiscal year, beginning October 1. However, Congress is the body required by law to pass a budget annually and to submit the budget passed by both houses to the President for signature.
If Congress fails to pass an annual budget (as has been the case since 2011), a series of Appropriations bills must be passed as "stop gap" measures. After Congress approves an appropriations bill, it is sent to the President, who may sign it into law, or may veto it.
As DVOR pointed out... "It all equals gross incompetence and failure to the job to which they were elected." Yup, that's the Republican Congress!
President Obama has shown NO leadership when it comes to getting a budget passed, coming up with a plan to cut the deficit in half (as he promised he would do when first ran in 200 nor in making any effort to rein in Federal spending. He has managed to add $6 trillion to the national debt and grow the federal budget and deficit to record highs.
The gross incompetence and failure to do the job to which they were elected -- lies squarely on the shoulders of President Obama and the Democratic leadership in Congress.
George Amedore & Christian Klueg for NYS Senate 2016 Pete Vroman for State Assembly 2016[/size][/color]
"For this is what America is all about. It is the uncrossed desert and the unclimbed ridge. It is the star that is not reached and the harvest that is sleeping in the unplowed ground." Lyndon Baines Johnson
Logged
nor in making any effort to rein in Federal spending. He has managed to add $6 trillion to the national debt and grow the federal budget and deficit to record highs. 
