Bush Deficit Not as Deficit as It Seems: Astounding Number Crunching

Karen at The Lonely Conservative is talking about Obama’s abysmal spending, and a Weekly Standard piece written by Jeffrey Anderson. A Historic Flood of Red Ink, Obama’s mind-boggling budget, will boggle your mind. Anderson points out that the latest Obama budget is his third straight budget calling for over a $1 trillion in spending – which no other president has ever done, and in fact no president has even asked for half that.

And get this: Anderson says Obama’s three year spending binge is 37% higher than G.W.’s ENTIRE 8-YEAR PRESIDENCY.

Obama Deficit

In a fair accounting, President Obama is responsible (along with the then-Democratic Congress) for the $1.3 trillion in deficit spending in 2010 and the estimated $1.6 trillion in deficit spending in 2011. He is responsible for the projected $1.1 trillion in deficit spending in his recent budget proposal. He is also responsible for the approximately $200 billion that the Congressional Budget Office (CBO) estimates that his economic “stimulus” added to the deficit in 2009.

He [Obama] should not get credit, moreover, for the $149 billion in TARP (Troubled Asset Relief Program) repayments made in 2010 and 2011 to cover most of the $154 billion in bank loans that remained unpaid at the end of the 2009 fiscal year—loans that count against President Bush’s 2009 deficit tally. The Treasury Department says that all but $5 billion of the TARP bank loans has now been repaid. The portion of repayments that was for loans issued in 2009 should be deducted from Bush’s deficit tally, not credited to Obama as deficit savings.

There is some astounding number crunching in this article, and a chart of modern day president’s “average annual deficit spending.” Read  a frightening conclusion of what happens if Obama has an 8 year term.

Welcome NewsRealBlog readers, and thanks for the link Calvin!