Huge defecits, 10% unemployment and economy worse than expected

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BTOWN_HUSTLA

NOW BUZZ KILLINGTON
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on the bright side, at least a few people got to buy new cars. this is not really surprising though.



http://news.yahoo.com/s/ap/20090825/ap_on_go_pr_wh/us_obama_economy_5

The federal government faces exploding deficits and mounting debt over the next decade, White House officials predicted Tuesday in a fiscal assessment far bleaker than what the Obama administration had estimated just a few months ago.

Figures released by the White House budget office foresee a cumulative $9 trillion deficit from 2010-2019, $2 trillion more than the administration estimated in May. Moreover, the figures show the public debt doubling by 2019 and reaching three-quarters the size of the entire national economy.

Obama economic adviser Christina Romer predicted unemployment could reach 10 percent this year and begin a slow decline next year. Still, she said, the average unemployment will be 9.3 in 2009 and 9.8 percent in 2010.

"This recession was simply worse than the information that we and other forecasters had back in last fall and early this winter," Romer said.
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perhaps they should just asked Ripcitytwo.com, we all knew it was this bad.
 
The Bush Depression continues, wow almost one year down from the GOPs total destruction of the economy.
 
Sug said:
The Bush Depression continues, wow almost one year down from the GOPs total destruction of the economy.
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It's Obama's deficit now, and the American people are waking up to this reality. 51% Gallup approval and falling fast for President One-term.
 
Sug said:
The Bush Depression continues, wow almost one year down from the GOPs total destruction of the economy.
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What policies did the Bush administration contribute to this? Alot of it was based on the credit crisis, not Bush policies.
 
PapaG said:
It's Obama's deficit now, and the American people are waking up to this reality. 51% Gallup approval and falling fast for President One-term.
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but he's an icon! people grow weary of hype, smoke and mirrors pretty quickly. this will get ugly
 
Sug said:
The Bush Depression continues, wow almost one year down from the GOPs total destruction of the economy.
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Ha. That's a good one! I guess Obama's huge federal bailout had nothing to do with it. That's what Obama and his gang would like us to think anyway.
 
Wait a minute! Someone else posted about the Obama recession being completely turned around by years end.

What gives?
 
?? Didn't anyone else see the economy swiftly going down the toilet as Bush's term in office (mercifully) ended? He went out sporting a swirley for the ages.

To say it's only Obama's deficit is idiotic. The Iraq war and the credit crisis are entirely on Bush. Yes, Obama has spent, but a lot of it (admittedly not all of it) had to be spent because Bush didn't leave the house in good shape.
 
mobes23 said:
?? Didn't anyone else see the economy swiftly going down the toilet as Bush's term in office (mercifully) ended? He went out sporting a swirley for the ages.

To say it's only Obama's deficit is idiotic. The Iraq war and the credit crisis are entirely on Bush. Yes, Obama has spent, but a lot of it (admittedly not all of it) had to be spent because Bush didn't leave the house in good shape.
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Obama was a Senator. Obama voted to fund the Iraq War and to fund TARP. Saying he wasn't a part of this is laughable. Obama was part of the Dem majority who passed the last two Bush budgets.
 
I dont know how anyone could try and place the blame of the economy squarely on either our former or current president.
 
mobes23 said:
?? Didn't anyone else see the economy swiftly going down the toilet as Bush's term in office (mercifully) ended? He went out sporting a swirley for the ages.
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you mean when the democrats took control of the house and senate?
 
mobes23 said:
?? Didn't anyone else see the economy swiftly going down the toilet as Bush's term in office (mercifully) ended? He went out sporting a swirley for the ages.

To say it's only Obama's deficit is idiotic. The Iraq war and the credit crisis are entirely on Bush. Yes, Obama has spent, but a lot of it (admittedly not all of it) had to be spent because Bush didn't leave the house in good shape.
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Absolutely false. All credibility of your post was lost.
 
I could have swore it was Barney Frank and his buddies that were pushing mortgages on people that couldn't afford them because it was more "fair" if someone making 30 grand a year could get a 400 thousand dollar house.
 
blazerboy30 said:
Absolutely false. All credibility of your post was lost.
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I don't think it's false. You're probably looking at Clinton's deregulation -- admittedly that played an important role in the mess. But the situation went out of control under Bush and he did nothing to react to it. The housing market was clearly in an out of control bubble under Bush and nothing was done to check it. While derivative securities existed before his presidency, they also went crazy out of control under Bush and he did nothing to check it. Sometimes the line between exuberance and irrational exuberance can be fuzzy, but it crossed the line. Bush did nothing and the system exploded.
 
PapaG said:
Obama was a Senator. Obama voted to fund the Iraq War and to fund TARP. Saying he wasn't a part of this is laughable. Obama was part of the Dem majority who passed the last two Bush budgets.
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Funding the troops is far different than putting us there in the first place. Iraq was all Bush/Cheney -- honestly, is that notion controversial?

TARP was all about trying to deal with the crisis. It didn't cause the crisis. If the crisis didn't exist, TARP would not have happened.

To be clear, my point isn't to say that Obama is innocent of having a large budget -- it's big and a chunk of it is his doing. My point is that Obama's budget inherited a bunch of messy Bush turds and those turds have a significant impact on the huge budget deficit we have now.
 
mobes23 said:
Lol. So if the republicans had stayed in control none of this would have happened, right?
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not saying that, but you mentioned the sudden turn towards the end of the bush admin...and the main difference was the introduction of a democratic congress.
 
mobes23 said:
I don't think it's false. You're probably looking at Clinton's deregulation -- admittedly that played an important role in the mess. But the situation went out of control under Bush and he did nothing to react to it. The housing market was clearly in an out of control bubble under Bush and nothing was done to check it. While derivative securities existed before his presidency, they also went crazy out of control under Bush and he did nothing to check it. Sometimes the line between exuberance and irrational exuberance can be fuzzy, but it crossed the line. Bush did nothing and the system exploded.
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Bush did do something about it, and so did McCain.

http://www.nytimes.com/2003/09/11/b...ed-to-oversee-freddie-mac-and-fannie-mae.html

http://www.govtrack.us/congress/bill.xpd?bill=s109-190
(click on sponsors)

http://www.opensecrets.org/news/2008/09/update-fannie-mae-and-freddie.html
check out #2 on the list
 
elcap15 said:
I dont know how anyone could try and place the blame of the economy squarely on either our former or current president.
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Quiet you, only polarizing posts are allowed in political threads.
 
bodyman5001 said:
I could have swore it was Barney Frank and his buddies that were pushing mortgages on people that couldn't afford them because it was more "fair" if someone making 30 grand a year could get a 400 thousand dollar house.
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Swear all you want..how about a link?
 
yakbladder said:
Swear all you want..how about a link?
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Link? I saw the video of him over and over and over. I could google search it and find ten thousand links, most of which are from right wingers so why bother? Lefties will dismiss them because of the source. Go to youtube and type in Barney Frank Mortgage and you will get more videos than I could post here.

Most of this probably went on when Bush had that boner in his flight suit so you probably missed it.
 
Oh, here is just one of many. It is Fox news, so take it with a grain of evil.

[video=youtube;cMnSp4qEXNM]
 
In addition to a liquidity crisis and a mortgage crisis, you can now add on a confidence crisis. The polls show, no matter how personally popular President Obama is, his individual policy prescriptions are not well-received by those that are usually counted on to drive the economy. The President and his advisors need to realize that they may not like the private sector, but they're going to have to incentivize them to do something. Government is not the answer for everything.
 
barfo said:
Correct me if I'm wrong, but making a proposal which then goes nowhere, when you control the presidency, the house, and the senate, doesn't count as "doing something". That counts as "failing to do something".

barfo
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Lacking 60 votes to break a filibuster in the senate, it went nowhere because democrats wanted the banks giving loans to people who couldn't truly afford the properties they were buying.
 
Denny Crane said:
Lacking 60 votes to break a filibuster in the senate, it went nowhere because democrats wanted the banks giving loans to people who couldn't truly afford the properties they were buying.
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So Bush took the issue to the public and raised support for his position, and he lobbied in Congress to sway a few conservative Democrats to his cause, and he horse-traded other things away so that he could get this passed, and he made democratic opposition to the idea a part of his reelection campaign...

No, he didn't do any of those things. He apparently just shrugged and said "whatever" and forgot all about it. He didn't actually do anything at all.

barfo
 
People should stop pretending that President Bush (George W.) was a fiscal conservative.
 
maxiep said:
People should stop pretending that President Bush (George W.) was a fiscal conservative.
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How true, notice in that ridiculous old quote thread how I said that Bush and the Republicans spent out of control and then the lefty just assumes I think Bush was a God despite my actual words.

I think people seriously think that if you don't like Obama spending us to hell then you must have been for it when Bush was around. Just plain silly.
 
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