Now, my administration inherited a deficit of over $1 trillion, but because we also inherited the most profound economic emergency since the Great Depression, doing little or nothing at all will result in even greater deficits, even greater job loss, even greater loss of income, and even greater loss of confidence.
It might be technically true that his Presidential Administration inherited it, but he himself did not. No, he created it. Before being elected President Barack Obama was a Senator in a party that controlled both houses of Congress with a lame duck President. From 2006-present, the economy has faltered increasingly. However, the big crash happened while he was a senator at a time when Congress ruled the land (ie a lame duck Presidency). Yes, President Bush still had some power, but the majority of power was with the Democratic Party-controlled Congress; with Senator Obama’s Congress. Add to that the fact that President Bush was unusually catering to Pres-elect Obama after the November election, and not only did Bush consult with Obama, but at Obama’s urging he authorized the bailouts for insurance company AIG, for car corporations, and for the $700billion TARP fiasco. Obama himself URGED the first $700billion, the deficit “his administration” inherited was created by a budget that he and his party created in Congress just prior to his election as President.
No, Obama did not inherit the bad economy. He created it, and shame on him for misrepresenting its origin by sly wording rather than honest and genuine admission of mistakes. Bush had enough mistakes to take responsibility for, and the time for scapegoating passed when millions of Democrats (filled with the spirit of hope, change, and bi-partisan unity) booed the figurehead of 46% of the nation as his helicopter left the Inauguration.
Obama and the Democrats created the bad economy, it happened on their watch-because of their budgeting, their bailout demands, and their poor choices. Time to man up Mr President.
Author of “Reparations and America’s 2nd Civil War
Reparations and America’s 2nd Civil War: Malensek, Scott: 9798864028674: Amazon.com: Books
Scott,
May I also add that the TARP legislation was split into two $350 B pieces. The second half could only be released by way of a second request from the President and subsequent approval from Congress.
By Jan 8, only $267B had been spent and the Bush admin saw no need to spend any more. Pres Bush left it up to PEBO to ask for the second half. If PEBO didn’t want it, then Bush was done with the bailout. If PEBO wanted it, then Bush would go to Congress as a favor to him.
On Jan 12, by letter to Congress, PEBO asked for the second half of the money. (Pres Bush followed through and got it done for the incoming Pres.)
Then, the new admin announced that they needed another bailout, a separate one.
Total cost of the two: $1.673B plus interest.
Bush can rightly be blamed for $350B, however BO and Congress get to take the blame for the remaining $1.287B.
In other words, Congress and BO get 79% of the blame.
Oh how can you blame Obama for the acts of the last session of Congress when he was AWOL from most of the session ? You can blame him for not really representing the state of Illinois, but the guy has been campaigning and campaigning and campaigning.
The man’s got to know his priorities .. Obama 1st, country 2nd.
Remember that Obama (and the Dems) really didn’t want to deal with the mess leading to TARP .. they were ready to adjourn .. till a foolhardy John McCain suspended his campaign to perform his Senatorial duties .. something that Obama was hesitant to do .. for 2 years .. when he didn’t even vote “PRESENT” for all but a handfull of occasions.
The one piece of legislation for which Obama was the chief sponsor, “The Global Poverty Act,” was left on the floor of the Senate having cleared the various committees, most likely because Obama couldn’t find time to return for the vote. (Ignore for a moment that it was supposed to add 0.7 percent of the U.S. gross national product to foreign aid, which over 13 years he said would amount to $845 billion over and above what the U.S. already spends)
Neo strikes home with sarcasm so sweet it makes one’s lips parse. Nice job!
I can’t wait until Tues. That’s gonna be a laugh a minute.
Let’s also not forget about the B.O.-trained A.C.O.R.N. and the Democrats and their protection of Fannie Mae and Freddie Mac. That contributed to a big part of the financial meltdown in the housing market crisis. B.O. and the Democrats had a *huge* hand in being responsible for that. Yet, Porkulus Maximus GetRidofUs Moneyus sends Million$ (Billion$?) to A.C.O.R.N. to continue their “civil disobedience”. Brilliant.
And, all of this we warned the American people about. For months during the primaries, for months before the election, the American people were warned about B.O. But nothing could break through their Hope, Change, My President is Black, Oh-Baaaaah-mah cult worship. And now, the best any of them can do is say… It’s Bush’s fault. Just plain sad.
I’m still pissed off about the whole deal with the housing collapse. The American people saw the Democrats, plain as day, brought up in Washington defending Freddie and Fannie in the face of Republicans warning of them needed regulation. And what did the American people do? Gave even *more* power to Democrats. Un-freaking-real. This country is collapsing because of the ignorance and utter stupidity of its own citizens.
Speaking of ignorance and utter stupidity…
Heard on the radio yesterday that there is a Primary vote Tuesday for Detroit’s mayoral election. For weeks leading up to the Auto Bailout, I heard all this crap propaganda on TV and the radio, people talking about how great Detroit is and how people here work so hard and they’re such good, strong people and we will survive (so long as you give us millions of dollars) and we will return to glory (so long as you give us millions of dollars) blah blah effing blah. Radio station commercials, TV commercials, celebrities… blah blah blah, all talking up the wonderfulness that is Detroit and Detroiters.
And now, for an important primary election coming up for Mayor, how many of the wonderful, strong, determined resilient people of Detroit are going to show up to make a stand and show strength and make the first step in turning their city around to vote in the Mayoral Primary?
Projection: 10% of eligible voters.
Effing brilliant. Yeah, whenever you hear about Detroit being a great city and its people being strong and determined and resilient and caring about their city, point to their utter pathetic participation in their civic duty to elect competent government representation. This city is an utter pathetic joke, as are its residents if only 10% of them can be bothered to do their civic duty and vote for good representation.
“shame on him for misrepresenting its origin”
Not sure that modern liberals are acquainted with that particular “S” word! At least, not as it applies to them personally…
@Michael in MI:
Well Michael, help is on the way, Your governor just told the handful of governors that don’t want their part of the stimulus that she’d be there with her hand out, she will take their share, “for the people” of Michigan.
I blame him for 9/11 too. And the first Great Depression. Whatever, I’m out of ideas, and blaming him for everything is easier than trying to come up with new ideas, or kicking and screaming on the floor. Actually, the floor sounds ok..
@MadAsHell:
You obviously don’t pay attention to politics very much if you haven’t read about all the alternative ideas conservatives and Republicans have proposed that B.O. and the Democrats have outright refused to even debate. Hell, even Rush Limbaugh came up with a compromise proposal. Of course, you hear *nothing* of that, since the only thing the Left or the mass media report is that he says nothing all day except “I hope he fails”.
The fact is, the Left is not interested in having an intellectual discussion and debate of new ideas. They simply want to use the same failed ideas of the past and throw this nation into utter collapse so they can institute socialism and total government control of our lives and make us completely dependent.
Maybe if you got mad as hell about that, instead of making ignorant comments, new ideas to improve this nation could actually be implemented.
@Missy:
Yeah, Jenny from the Block Granholm, who has been an utter disaster her entire two terms in office and ran her re-election campaign on “Who Me? It’s all BOOOSH’s fault Michigan sucks! Re-elect me and I’ll tax us back into prosperity!” And tax us all to hell is all that she has done. Yet the morons here in Michigan re-elected her and re-elected Kwame. And now only 10% of Detroiters are going to bother to show up for the Mayoral primary election.
I tell ya, I like this state, I like the friends I have made here, but the majority of people who live here and contribute to the political process are utterly ignorant, stupid and pathetic. There is absolutely no excuse to re-elect Granholm and Kwame. None. But Michigan and Detroit did. Pathetic.
Now, instead of lowering taxes and lowering corporate taxes on businesses here in Michigan, all she does is raise taxes on all the people of the State and blame someone else when things don’t improve. And Michiganders keep voting Democrat. I’m at a complete loss to figure out how people don’t have any common sense here.
Oh puhleeze. And the Moon is made of green cheese.
Moby Alert aisle 12.
Moby aisle 12.
Good article, but here are the real numbers from American Thinker.
Who are the Big Spenders?
http://www.americanthinker.com/2009/02/who_are_the_big_spenders.html
Did you see that volcano in Chile is threatening to erupt again?
Stop it ‘W’! Don’t you know when to quit?! Don’t you know that ‘O’ is in charge of creating natural disasters now! Sheesh. 🙂
Scott,
Obama caused the current crisis and didn’t inherit a bad economy he created it??
You are spinning so hard and fast on this one it’s surprising you can type. I am certain you are not standing. you would fall on the ground…ROFL!!!
You Republicans are really desperate. OMG come up with something believable.
Rap didn’t read beyond the headline, and ignores chronolgy [again]. Color me oh-so-surprised
Been reading various bailout/stimulus article comments lately. Libs are looking like fools trying to defend this astronomical spending President’s Pelosi and Reid are doing while the campaigner in chief runs around trying to sell it.
CRAP can read????