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Author Topic: Record Budget Deficit in 2008  (Read 848 times)

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Record Budget Deficit in 2008
« on: October 15, 2008, 01:50:36 AM »

Want to know why we're in so much deep shit? Look no further than the deficits we have been running since Bush took office..

By MARTIN CRUTSINGER, AP Economics Writer Tue Oct 14, 6:34 PM ET

WASHINGTON - The federal budget deficit soared to $454.8 billion in 2008 as a housing collapse and efforts to combat the economic slowdown pushed the tide of government red ink to the highest level in history.

The Bush administration said Tuesday the deficit for the budget year that ended Sept. 30 was more than double the $161.5 billion recorded in 2007. It surpassed the previous record of $413 billion set in 2004. Economists predicted a far worse number next year as the costs of the government's rescue of the financial system and the economic hard times hit the nation's balance sheet. Some analysts believe that next year's deficit could easily top $700 billion, giving the next president a formidable challenge.

Forget the declining tax revenues due to the Bush tax cuts, unemployment and his economic policies for a minute. Half of that deficit could be eliminated by just ending the useless fucking war in Iraq which runs about $200-250 billion just about every year since Bush took office.

That's the direct cost for it in the federal budget but the ugly truth is that is only a fraction of the cost. That doesnt account for things like the lifetime of medical care, disability costs that will be needed for the tens of thousands of wounded soldiers. Nor for their loss of earnings and tax revenue, not to mention those who died.

Just one soldier out of the 1.4 million troops so far deployed who has returned with a debilitating brain injury, for example, may need round-the-clock care for five, six, or even seven decades. In present-day money, according to one study, care for that soldier alone will cost a minimum of $4.3m.

It doesnt account for the inflated price for oil that we all have been paying since the war was launched (up to 400% more since the war began).

It doesnt account for the loss of production and domestic product caused by having so many soldiers and national guardsman diverted from their regular jobs to oversees.

It doesnt account for the interest on the debt that we have to pay for all the borrowed money to pay for the war. Mostly to the Chinese.

It doesnt measure the tremendous impact of the loss of investing that money here at home instead of oversees. Just like the stimulus checks that the government sends out (a fraction of cost of the war) in hopes that people spend it, and those businesses where it is spent will turn around and spend it by buying things or hiring employees or paying employees more, who will then hopefully go out and buy more things and spend money on the movies, a video store or something else and so on; all that money spent on Iraq has been sucked out of our economy along with the multiplier effect that most people dont even realize exists.

And John McCain thinks that the surge is working, that we're winning the war and are going to win while at the same time mocking Obama for admitting defeat if we pull out of there?? What a blatant display of myopic stupidity. Al-Qaeda couldnt have done a better job themselves of destroying our economy against of all things, a country that wasnt even a threat to us, then Bush and the head in the ass idiots like McCain did. And the question I always ask if for what? What are we getting for trillion dollar war that justifies everything? So we can say we finally won a war? We've already lost the battle by crippling our economy in a classic over-response you reactionary fucking idiots. They will never get it.

Meanwhile, it is suppose to be the Democrats who are for big, unrestrained government and fiscal irresponsibility but a funny thing happened since Clinton left office and Bush took over..

Democrats said the administration's economic policies were responsible for the growing deficit. They noted that when Bush took office in 2001, the budget was in surplus with projections that total surpluses over the next decade would reach $5.6 trillion. Those surpluses never materialized. The economy fell into a recession and then faced unexpected costs such as fighting wars in Afghanistan and Iraq and dealing with the aftermaths of Hurricane Katrina. Democrats also cite the costs of Bush's 2001 and 2003 tax cuts as further reasons for the budget imbalances.

"The eight years of this administration will include the five biggest budget deficits in history," said House Budget Committee Chairman John Spratt, D-S.C. "The resulting debt will be passed to our children and grandchildren."

That's right, no matter how anyone wants to spin it the fact is that the 5 biggest budget deficits in history have occurred under the watch of this president and a Congress that has been controlled by war mongering Republicans for 6 out of the past 8 years. And that doesnt even include the $700 billion costs to help the banks out which will be reflected next year.




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Re: Record Budget Deficit in 2008
« Reply #1 on: October 16, 2008, 03:41:00 PM »

Time for a do over.

My latest idea, wipe the slate clean of ALL debt, weather it be personal, commercial, or governmental. What ever is in your possession right now you own and then start over with much stricter guidelines to who can borrow what. Not to mention a constitutional amendment requiring a balanced budget without borrowing.
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