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Let's compare Bush's vs. Obama's deficits.
If we review the data from the link above, we can see revenue and spending, and then at the bottom is the surplus/deficit for that year.
If we add up Bush's deficits over 8 years, we get:
about $2700 billion over 8 years. So the average deficit would be 2700/8=about $337 billion per year.
Now let's look at Obama's deficits. 2009 was $1400 billion, and 2010 is on track to have a deficit of $1300 billion.
That would make 2010 the 2nd highest deficit since WWII, with 2009 the absolute highest; both in terms of sheer dollars and as a % of our GDP.
So if we add up 2009 and 2010's deficits, we get $2700 billion. So in TWO YEARS Obama's deficits equals Bush's deficits...in EIGHT YEARS. That makes Obama's deficits FOUR times larger, or 400% larger, than Bush's.
THAT is why the Tea Party came into existence. We have had deficits under Bush, Clinton, Reagan, etc. Our debt has been a long-term problem that is becoming increasingly worse.
The chief reason why people are angry are that Obama's deficits are so much LARGER. And in the future, Obama's OWN projections call for $1 trillion (1000 billion) deficits EVERY YEAR for the next 10 years.
There is just no way we'll be able to afford these deficits; our interest payments on the debt will dwarf all other spending, leading to our bankruptcy or massive inflation. Obama, Geithner, Summers, and Bernanke are quietly trying to tank the dollar to ease the debt because they don't want to deal with Federal spending.
And as for spending, I just roll my eyes when I hear Obama say "we inherited this deficit, I had no say in it". Really?
Then how do you explain this:
3% increase in Department of Transportation from last year?
40% increase in Department of State from last year?
19% increase in Housing/Urban Development from last year?
9% increase in Department of Agriculture from last year?
48% increase in Department of Commerce from last year?
35% increase in the EPA from last year?
Those are all from YOUR budget that you passed with your fellow DEMOCRATS in Congress. Are you saying this recession that you "inherited" caused you to increase the Department of State by 40%?!? Please explain how one thing caused the other.
The fact is that Obama and Congressional Democrats will just SAY that high spending is due to the recession, when in reality they increase ALL spending.
Why? Because they are Democrats and they do not care about deficits. One more reason why we must elect Republicans in 2010.
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