Why didn't we hear about the deficit during the Bush administration?

[Intense]

We did hear about the deficits during Bush's presidency...

...VP Cheney said they didn't matter.

Yeah... so let's just multiply the debt, pour more gas on it.... makes about as much sense as You. Don't forget to blame Bush.

 

[Toro]

How can you ask me about the national debt growing 6 trillion per year when it grew 6 trillion during Bush's 8 years?

Seriously, try to focus.

It grew by that amount because the non-operating debts outside of the budgetary process rose. I explained how that occurs here.

http://www.usmessageboard.com/econo...administration-was-a-myth-10.html#post1296638

It is for the same reason why the debt rose under Clinton, even though Slick Willie ran operating budget surpluses.

More here.

United States public debt - Wikipedia, the free encyclopedia

Could and should not this "debts outside the budgetary process) costs have been predicted reasonably close and budgeted for? I mean it is a real cost/debt right?

That is how I do my budget....

There is a difference between the operating budget and the liabilities of the national government. I'm not sure how they recognize the accruals of future liabilities of the trust. I hate quoting myself, but I don't want to re-type this analogy of how the government creates its own liabilities.

Think of it this way.

Let's say you are 40 years old and you promise to put your 70 year old mother in a nursing home when she is 80, or 10 years from now. Poof! You have created a liability for yourself - the amount that you will have to pay in the future for your mother's nursing home in 10 years. Let's say the going rate for a nice home is $2000 a month and you expect her to live to be 90. Your liability is $240,000 for your mother's future nursing home. Now, you haven't actually borrowed anything but your liability has risen. You have essentially created a debt that you owe in the future. To remind yourself, you write an IOU to yourself to pay for it some time down the road. Now, if you made $50,000 a year and spent $40,000 a year, then you've saved $10,000. But your liabilities (debt) has gone up because you've made this promise. That is how you can be in surplus and have your debt rise. This is essentially what happened under Clinton and in his final budgets.

 

[Intense]

It grew by that amount because the non-operating debts outside of the budgetary process rose. I explained how that occurs here.

http://www.usmessageboard.com/econo...administration-was-a-myth-10.html#post1296638

It is for the same reason why the debt rose under Clinton, even though Slick Willie ran operating budget surpluses.

More here.

United States public debt - Wikipedia, the free encyclopedia

Could and should not this "debts outside the budgetary process) costs have been predicted reasonably close and budgeted for? I mean it is a real cost/debt right?

That is how I do my budget....

There is a difference between the operating budget and the liabilities of the national government. I'm not sure how they recognize the accruals of future liabilities of the trust. I hate quoting myself, but I don't want to re-type this analogy of how the government creates its own liabilities.

Think of it this way.

Let's say you are 40 years old and you promise to put your 70 year old mother in a nursing home when she is 80, or 10 years from now. Poof! You have created a liability for yourself - the amount that you will have to pay in the future for your mother's nursing home in 10 years. Let's say the going rate for a nice home is $2000 a month and you expect her to live to be 90. Your liability is $240,000 for your mother's future nursing home. Now, you haven't actually borrowed anything but your liability has risen. You have essentially created a debt that you owe in the future. To remind yourself, you write an IOU to yourself to pay for it some time down the road. Now, if you made $50,000 a year and spent $40,000 a year, then you've saved $10,000. But your liabilities (debt) has gone up because you've made this promise. That is how you can be in surplus and have your debt rise. This is essentially what happened under Clinton and in his final budgets.

Let's not forget expanded Bureaucracy, the Hiring Benefit's, and Pension's that go along with it, all above medium levels.

 

[Vast LWC]

Bush Deficit vs. Obama Deficit in Pictures | The Foundry: Conservative Policy News.
(Graphic from the Washington Post)

I believe that this graph is disingenuous, at least as it pertains to the Bush and Obama administrations.

The United States has a fiscal year that starts in October and ends in September, and the annotation for fiscal years is for the following year. For example, for the year 2009 in this graph, that is not for the calendar year 2009. It is for the fiscal year 2009. And the fiscal year 2009 began in October 2008 and ended in September 2009. In other words, it is the last budget passed by Bush.

As for the stimulus, a relatively small proportion of the stimulus was spent during the fiscal year 2009, ~10%-20%. Thus, only a small proportion of the deficit is attributable to the stimulus.

The reason why the deficit is so high is partly because of the Bush tax cuts - had Bush not cut taxes, the government would have received more revenue. But it is mainly because of the automatic fiscal stabilizers built into the budget. In other words, even if Bush had cut taxes, the deficit would still have been very high.

Indeed, the first year Obama was responsible for, by that graph would be 2010.

 

[Vast LWC]

Could and should not this "debts outside the budgetary process) costs have been predicted reasonably close and budgeted for? I mean it is a real cost/debt right?

That is how I do my budget....

There is a difference between the operating budget and the liabilities of the national government. I'm not sure how they recognize the accruals of future liabilities of the trust. I hate quoting myself, but I don't want to re-type this analogy of how the government creates its own liabilities.

Think of it this way.

Let's say you are 40 years old and you promise to put your 70 year old mother in a nursing home when she is 80, or 10 years from now. Poof! You have created a liability for yourself - the amount that you will have to pay in the future for your mother's nursing home in 10 years. Let's say the going rate for a nice home is $2000 a month and you expect her to live to be 90. Your liability is $240,000 for your mother's future nursing home. Now, you haven't actually borrowed anything but your liability has risen. You have essentially created a debt that you owe in the future. To remind yourself, you write an IOU to yourself to pay for it some time down the road. Now, if you made $50,000 a year and spent $40,000 a year, then you've saved $10,000. But your liabilities (debt) has gone up because you've made this promise. That is how you can be in surplus and have your debt rise. This is essentially what happened under Clinton and in his final budgets.

Let's not forget expanded Bureaucracy, the Hiring Benefit's, and Pension's that go along with it, all above medium levels.

Only none of that actually happens to be the case.

The 1 Trillion dollar increase in debt that occurred during the Clinton administration can be accounted for, almost entirely, by 8 years of interest on the pre-existing 5 Trillion dollar debt.

 

[uscitizen]

Lets not forget that when reagan took office our debt was about 750 billion.

 

[Queen]

<----Checks IP addresses.

Nope...Queenie and truthdontmatter aren't sock puppets.

But they are pretty much the Beavis and Butthead of the lefty wackaloon alternate universe!

Thanks for proving your dishonesty, since you're not an admin, you cannot see our IP addresses.

Now I'll be sure to remember never to believe anything you say, going forward.

I love it when people make this perfectly clear early on. Less wasted time.

He's a mod ... he can check you IP whenever he wants ....

Oh. Thanks.

Isn't it supposed to say mod next to the names of all the mods, so everyone will know who the mods are?

 

[Dr Gregg]

cause so many conservative/republicans are hypocrites, who only care about their ideology being right. and people wonder why there is so much crap in the world

 

[Queen]

Lets not forget that when reagan took office our debt was about 750 billion.

It was actually 907,701,000,000.00 - And he almost tripled it to 2,602,337,712,041.16. Then Papa Bush added a couple more tril in just 4 years 4,064,620,655,521.66, then Clinton during 8 years, added 5,656,270,901,615.43.

Then of course W Bush came along and added a record amount of debt SIX TRILLION DOLLARS. And now we have an 11 trillion dollar debt. Thank you Republican Presidents.

Only one trillion of that is due to 8 years of Clinton, the Democratic President. From 1980 to now, Republican presidents signed spending bills to add 10 trillion dollars to our national debt.

And they pretend to be fiscally conservative.

YOU'RE BEING LIED TO REPUBLICANS WAKE UP!!!!

 

[Queen]

Bush Deficit vs. Obama Deficit in Pictures | The Foundry: Conservative Policy News.
(Graphic from the Washington Post)

I believe that this graph is disingenuous, at least as it pertains to the Bush and Obama administrations.

The United States has a fiscal year that starts in October and ends in September, and the annotation for fiscal years is for the following year. For example, for the year 2009 in this graph, that is not for the calendar year 2009. It is for the fiscal year 2009. And the fiscal year 2009 began in October 2008 and ended in September 2009. In other words, it is the last budget passed by Bush.

As for the stimulus, a relatively small proportion of the stimulus was spent during the fiscal year 2009, ~10%-20%. Thus, only a small proportion of the deficit is attributable to the stimulus.

The reason why the deficit is so high is partly because of the Bush tax cuts - had Bush not cut taxes, the government would have received more revenue. But it is mainly because of the automatic fiscal stabilizers built into the budget. In other words, even if Bush had cut taxes, the deficit would still have been very high.

It's a totally false graph. There's trillions of dollars missing from the Bush deficit.

 

[Queen]

Why didn't we hear about the deficit during the Bush administration?

Because democrats don't even pretend to give a shit about the deficit.

And republicans only do when a democrat is in the white house.

I thought everyone understood this.

That's bullshit.

Democrats are for pay as you go. Clinton did it. Obama called for it last night.

Don't tell lies.

 

[NYcarbineer]

Why didn't we hear about the deficit during the Bush administration?

Because democrats don't even pretend to give a shit about the deficit.

And republicans only do when a democrat is in the white house.

I thought everyone understood this.

That's bullshit.

Democrats are for pay as you go. Clinton did it. Obama called for it last night.

Don't tell lies.

And Bush let PAYGO expire because it was cramping his budget-busting style.

 

[Dis]

Tomorrow is the State of the Union and Obama will be talking about the huge deficit we have. Why didn't we ever hear about it during the Bush admin when during his admin the national debt was more than doubled? The deficits were huge!

But Bush hid them. He didn't put the two wars in the budget like Obama is doing. Remember all those emergency supplementals that congress voted on every few months? 250 billion here, 500 billion there, to fund the wars. We don't have those anymore, because the wars are funded, out in the open, by the budget.

But now, we see the deficit spending that these wars are causing, and suddenly everyone's all outraged.

This money has been draining our treasury for 8 years already.

09/30/2009 11,909,829,003,511.75
09/30/2008 10,024,724,896,912.49
09/30/2007 9,007,653,372,262.48
09/30/2006 8,506,973,899,215.23
09/30/2005 7,932,709,661,723.50
09/30/2004 7,379,052,696,330.32
09/30/2003 6,783,231,062,743.62
09/30/2002 6,228,235,965,597.16
09/30/2001 5,807,463,412,200.06
09/30/2000 5,674,178,209,886.86

Government - Historical Debt Outstanding - Annual 2000 - 2009

The 2009 debt number is from the Bush administration's fiscal year. When they post the 2010 numbers, that will be Obama's.

So I was just wondering why the media is so stupid? They keep talking about the huge deficit in the Obama admin. But they never mentioned the doubling of the national debt under the Bush admin. Are they really so stupid that they didn't realize all those war supplementals weren't in the budget and therefore hidden away each year?

Get over yourself huh? We DID hear about the deficit. Every time Bush spent a dime.

Here's some late-breaking news: Bush isn't President. Get over it. It doesn't matter what Bush did. It is irrelevant to your boy outspending Bush's 8 years in one year.

You're not supposed to mention that.

 

[Dis]

Thanks for proving your dishonesty, since you're not an admin, you cannot see our IP addresses.

Now I'll be sure to remember never to believe anything you say, going forward.

I love it when people make this perfectly clear early on. Less wasted time.

He's a mod ... he can check you IP whenever he wants ....

Oh. Thanks.

Isn't it supposed to say mod next to the names of all the mods, so everyone will know who the mods are?

No. They can change their tagline just as quick as you can change yours. Their names are in orange, tho, with Admins being in red.

Might want to brush up on rudimentary reading/comprehension skills prior to blowing your gasket, tho.

 

[manu1959]

Because democrats don't even pretend to give a shit about the deficit.

And republicans only do when a democrat is in the white house.

I thought everyone understood this.

That's bullshit.

Democrats are for pay as you go. Clinton did it. Obama called for it last night.

Don't tell lies.

And Bush let PAYGO expire because it was cramping his budget-busting style.

congress writes the budget and votes it into place.....thats how budgeting works.....

 

[Intense]

[ame=http://www.youtube.com/watch?v=MImESnfUBaU]YouTube - Celebrity Jeopardy Montage[/ame]

 

[Toro]

That's bullshit.

Democrats are for pay as you go. Clinton did it. Obama called for it last night.

Don't tell lies.

The Democrats may be saying they are for pay as you go but they don't seem to be doing anything about it.

The White House's own projections have budget deficits of $500+ billion for the next 10 years.

 

[mudwhistle]

That's bullshit.

Democrats are for pay as you go. Clinton did it. Obama called for it last night.

Don't tell lies.

The Democrats may be saying they are for pay as you go but they don't seem to be doing anything about it.

The White House's own projections have budget deficits of $500+ billion for the next 10 years.

They play lip-service to pay as you go....but since the deficit is already over 1.4 trillion and they're trying to raise the debt ceiling to 14.5 trillion.....I don't think they can possibly be taken seriously.

 

[Vast LWC]

That's bullshit.

Democrats are for pay as you go. Clinton did it. Obama called for it last night.

Don't tell lies.

The Democrats may be saying they are for pay as you go but they don't seem to be doing anything about it.

The White House's own projections have budget deficits of $500+ billion for the next 10 years.

They play lip-service to pay as you go....but since the deficit is already over 1.4 trillion and they're trying to raise the debt ceiling to 14.5 trillion.....I don't think they can possibly be taken seriously.

The deficit was ALREADY 1.3 Trillion when Obama came into office, according to the CBO on January 6th.

And it's estimated to be back down to that level next year.

Which means there have been no additions at all onto the deficit from what was already being spent.

Now, it is true that he hasn't done any major CUTS to spending, but he hasn't ADDED anything to spending.

 

[mudwhistle]

The Democrats may be saying they are for pay as you go but they don't seem to be doing anything about it.

The White House's own projections have budget deficits of $500+ billion for the next 10 years.

They play lip-service to pay as you go....but since the deficit is already over 1.4 trillion and they're trying to raise the debt ceiling to 14.5 trillion.....I don't think they can possibly be taken seriously.

The deficit was ALREADY 1.3 Trillion when Obama came into office, according to the CBO on January 6th.

And it's estimated to be back down to that level next year.

Which means there have been no additions at all onto the deficit from what was already being spent.

Now, it is true that he hasn't done any major CUTS to spending, but he hasn't ADDED anything to spending.

Link

The deficit was more like $500 billion. In only a few months Obama more than doubled it. What it is now who really knows. Nobody really knows because they keep fudging the numbers.

Obama admitted this week he helped pass the TARP bill. He admitted he signed the Stimulus Bill. That's two bills in only a few months totaling over$1.4 trillion. The health care bill would have started at $900 billion. Three singular bills in less then a year that together totaled the entire Bush budget. This does not include defense spending, Medicare, etc. In what dimension is this a decrease in spending?