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June 22, 2009

Bush's Massive Deficits

-- by Dave Johnson

A commenter points to this article in the neo-con Washington Post pointing out that deficit projections for the next decade add up to $9 trillion. The article says this is because of "Obama's spending plans."

So let's add this up. Bush left office with a $1.2 trillion deficit for a single year. Projections for $9 trillion in deficits over ten years is a reduction in borrowing from Bush levels. How is this because of "Obama's spending plans?"

And furthermore, Bush spent money on tax cuts for the rich, corrutp government contracts to cronies, and wars. Obama is talking about spending for the people. Unfortunately much of that is for things like unemployment - more legacy from the Republican years...

I see no grounds for complaint, only improvement.

Posted by Dave Johnson at June 22, 2009 7:28 PM


Comments

Here is a UC Berkley and Trinity (Dublin) econ analysis of how we are tracking with the "Big One" event.

It is a balanced view. We have an aggressive response today. BUT there is no question that economic output WORLDWIDE is down at a FASTER pace than the Great Depression. This is still a little 'd' depression event. But if the Keynesian model fails, CA is headed for 15% unemployment very fast. Mostly charts:

http://www.voxeu.org/index.php?q=node/3421

Not trying to depress anyone's psyche. But this EVENT is bigger than CA budgets, housing prices or US Federal deficit spending.

Posted by: Mace [TypeKey Profile Page] at June 22, 2009 8:40 PM

Mace we are in agreement here, except I think CA unemployment will reach 15% no matter what. I have seen these charts elsewhere.

Did you know that CEOs and other insiders are selling their own stock as fast as they can now that it is up a bit? See http://www.ft.com/cms/s/0/4a29d0e4-5f8d-11de-93d1-00144feabdc0.html


Posted by: Dave Johnson [TypeKey Profile Page] at June 22, 2009 9:07 PM

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