The RNC has unearthed a video of Senator Barack Obama in 2004, criticizing President Bush as having the "most fiscally irresponsible administration" in memory. The RNC has presumably brought the video to light in an attempt to paint the President as a hypocrite on the debt and deficit.
It's interesting to note however that Senator Obama's points in 2004 were well-founded. George W. Bush's administration took us into two wars off-budget, and enacted the Bush tax cuts with no concern for the debt. And now, as President, he's been compelled to spend in order to prevent another depression. The best economists admit the time for austerity is not now. So whatever the RNC is trying to say, they're failing.
When i first saw this vid I seriously thought it was an Obama promotion! Good grief; way to go RNC; indict GW's administration.
Where was Obama's surplus?
Rex, Moorhead
5/15/2012 9:33:34 PM
President Bush in 2001 inherited a budget surplus of about $150 billion from Bill Clinton. When Bush left office in 2009, the budget deficit for fiscal 2010 was about $1.3 trillion. The national debt in 2001 was around $5.5 trillion but by the time Bush left office in 2009, the national debt was pushing $12 trillion. The reason for all of this deficit spending and debt were caused by the wars in Iraq and Afghanistan, plus the 2001 and 2003 Bush tax cuts for the wealthy. While the national debt is at $15 trillion now it is important to remember that we still are living under the Bush tax cuts and the two wars. Iraq's war will have interest and reset costs for at least the next decade and beyond with veterans with TBI and PTSD numbering into at least the 300,000 range. The amount of money spent on the stimulus bill of 2009 plus the bailout costs of the 2008 financial meltdown were necessary if we were going to avoid the Great Depression II. Paul Krugman refers to the 2008 recession as the "lesser depression" because the whole financial system nearly came to a collapse because the the repeal of the Glass-Steagall Act of 1932 by the Graham-Leach-Bliley act of 1999. How short conservative memories seem to be. This article from the Center for Budget Policy and Priorities clearly states that the reason for the continuing budget deficits and growing national debt are the two wars and the Bush era tax cuts. Read this article and weep Republicans. Look carefully at the headline part way down the article from the CBPP, that says: "Bush Tax Cuts, War Costs Do Lasting Harm to Budget Outlook".
http://www.cbpp.org/cms/index.cfm?fa=view&id=3036
Here is an article from Professors Linda Bilmes and Joe Stiglitz totaling up the costs of the Iraq war that will hit $3 trillion long term. Afghanistan will easily cost another trillion dollars. Here is an NPR story talking about the "$3 trillion dollar war" a book co-authored by Linda Bilmes and and Nobel Prize winning economist Joe Stiglitz.
Here are a couple of articles that describe the relationship between the 2008 financial meltdown due to the lax oversight and reckless bets made by large Wall Street investment banks into the derivatives markets. The repeal of the 1932 Glass-Steagall act was a watershed. The mortgage backed securities market was described by Warren Buffet as "weapons of financial mass destruction". GOP policies of pushing deregulation under the Graham-Leach-Bliley Act in 1999 removed the separation of the commercial banking sector on Main Street from the speculation by Wall Street investment banks.
Here is an article that describes the report of the "Financial Crisis Inquiry Commission" that delved into the 2008 financial meltdown. The commission severely criticized the lax regulation of the Securities and Exchange Commission, the lax oversight of the Federal Reserve System as contributing factors to the crisis. The Commission pointedly places most of the blame deservedly goes to the CEO's and executives in the big Wall Street investment banks for promoting a culture of reckless risk taking and avarice that nearly destroyed our financial system. The Commission clearly states that the 2008 financial crisis was caused by the greed in corporate banks that promoted a culture of reckless behavior that was unconscionable and completely irresponsible for CEO's and executives of such powerful financial institutions. Many hard working Americans lost trillions of combined dollars in stocks, mutual funds, and pension funds because of the recklessness of these Wall Street investment banks.
Here is the actual report of the "Financial Crisis Inquiry Commission" and the Commissions conclusions that state clearly that the 2008 financial crisis was caused by human factors and that the financial crisis was completely avoidable. Canada kept its investment banks and commercial banks properly regulated with the result that Canadian taxpayers had NO BAILOUTS to pay for. Canada's regulated capitalist system is obviously vastly superior to the vulture capitalist system in America that privatizes profits and socializes losses made by fat cats on Wall Street.
You can get the whole report by going to this Stanford website:
http://fcic.law.stanford.edu/report
We need to connect the public policy dots about the Bush tax cuts of 2001 and 2003, the two wars in Iraq and Afghanistan, and GOP deregulation of the Wall Street Investment banks in 1999 with the huge trillion dollar deficits and $15 trillion national debt. President Obama will need another term to undue all the harm that President Bush and supply side economics has done to our country. If Republicans don't like this statement, the facts speak for themselves. Prove these statements wrong if you dare. But first, you need sources like I have listed here.
Bob Bobonde, Minto ND.
5/15/2012 7:50:55 PM
The damm neocons jack up the deficits when in power then with dems in power they scream about high deficits! they think we're all stupid and don't notice this.
ron mariposa
5/15/2012 6:19:51 PM
I would like to make a comment on boehner's remarks on the dedt and tax cuts........
PLEASE MSNBC PLEASE GET OFF THE P.C. CRAP AND ASK THE TEA BAGGERS=GOP WHERE ARE THE JOBS FOR GOD SAKE. TWO MASSIVE TAX CUTS, ALONG WITH THE EXTENSION, A PHONY AGREEMENT BY YOU AND YOUR LOT. PLEASE WHERE ARE THE JOBS WHERE ARE THE JOBS.....
MY UNHUMBLE REMARKS TO MSNBC..
ron mariposa
5/15/2012 6:05:18 PM
I guess telling the truth is now a negative for a person running for office. He told the truth about bush tax cuts and the two unfunded wars, but then said about 911 caused some of the problems. I been hearing that boehner coming on about the debt debate again. They do away with agreements and pass laws that fund projects for the military that the joint chiefs of staff say are not needed or to costly, but will give millions or billions to buddies and corporations. Then we have to balance it with cuts only, decreases in taxes for the wealthy and corporations, and increases to the seniors because you all know the older americans are after all dead beats who want to live off the job creators.
I am fed up with these people as they dont give a shit about this country and only care about making President Obama a one term president, to make the wealthy and corporations get more subsides and tax breaks, and to make this country a theoracy and one nation under their christian g-d, who may not be your christian g-d or not your g-d. This to me amounts to treason and these losers should be held accountable for they acts. That woman who said that Pesident should be charged with treason should have asked romney why the tea baggers=geo shouldnt be charge with treason. I think any politican who put his well being first or that of a special interest first should be charged with treason!!
just my humble views
watchdog
5/15/2012 5:33:03 PM
And now Boehner is going to hold the country hostage again. There must be equal cuts for the amount the debt cieling is increased. sound familiar? This crap is after passing a bill to get around the mandantory defense cuts agreed to last time. He also put a rider on the hwy spending appropriation bill that the XL pipeline must be approvered and work to bigin within 30 days. And we pay these idiots. If our job approval rating was as low as congresses, we'd be unemployed.
donnajoy
5/15/2012 5:22:12 PM
The GOP do not want to deal with deficits. They are more focused on giving additional tax breaks for the wealthy and large corporations while taking the monies away from the services that people really need to survive. The conservatives without consciences are promoting a libertarian agenda that will threaten our democracy. Let's vote them all out of office.
