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Economic Downturn and Bush Policies Continue to Drive Large Projected Deficits

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    Economic Downturn and Bush Policies Continue to Drive Large Projected Deficits

    Some lawmakers, pundits, and others continue to say that President George W. Bush’s policies did not drive the projected federal deficits of the coming decade — that, instead, it was the policies of President Obama and Congress in 2009 and 2010. But, the fact remains: the economic downturn, President Bush’s tax cuts and the wars in Afghanistan and Iraq explain virtually the entire deficit over the next ten years (see Figure 1).

    The deficit for fiscal year 2009 — which began more than three months before President Obama’s inauguration — was $1.4 trillion and, at 10 percent of Gross Domestic Product (GDP), the largest deficit relative to the economy since the end of World War II. At $1.3 trillion and nearly 9 percent of GDP, the deficit in 2010 was only slightly lower. If current policies remain in place, deficits will likely resemble those figures in 2011 and hover near $1 trillion a year for the next decade.

    The events and policies that pushed deficits to these high levels in the near term were, for the most part, not of President Obama’s making. If not for the Bush tax cuts, the deficit-financed wars in Iraq and Afghanistan, and the effects of the worst recession since the Great Depression (including the cost of policymakers’ actions to combat it), we would not be facing these huge deficits in the near term. By themselves, in fact, the Bush tax cuts and the wars in Iraq and Afghanistan will account for almost half of the $20 trillion in debt that, under current policies, the nation will owe by 2019. The stimulus law and financial rescues will account for less than 10 percent of the debt at that time.

    President Obama, however, still has a responsibility to propose, and put the weight of his office behind, policies that will address our key long-term fiscal challenge — preventing the relentless rise of debt as a share of GDP that will occur under current policies. The President and Congress could make major progress toward stabilizing the debt for the coming decade by letting all of the Bush tax cuts expire on schedule at the end of 2012. That would just be a first (although a substantial) step. To keep the debt stable over the longer run, when the fiscal impacts of an aging population and rising health care costs will continue to mount, policymakers will need to take large additional steps on both the expenditure and revenue sides of the budget.

    Having said that, policymakers should not mistake the causes of the swollen deficits that we face in the decade ahead — nor make policy based on mistaken impressions.

    Economic Downturn and Bush Policies Continue to Drive Large Projected Deficits
    Economic Downturn and Bush Policies Continue to Drive Large Projected Deficits — Center on Budget and Policy Priorities
    William F. Buckley describes a conservative as, "someone who stands athwart history, yelling Stop." - and then proceeds to drag civilization back to times best left in history's dungheap.

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    No question the three wars and tax cuts account for most of the deficit, but it was the Fed that ultimately caused the crash IMO. Unfortunately, the Obama admin has done effectively nothing to turn any of it around. There needs to be some growth in the economy before they can have a shred of hope in taxing us out of this mess. Simply allowing the tax cuts to expire won't solve anything without aggressive policies aimed at stimulating growth in the private sector.

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    the Feds monetary policies are definitely a major cause.

    interest rates are so low we (fed gov) didn't need to stop spending at this time. the personal savings rate has been slowly increasing the past couple of years when you combine that with decreased spending from the gov GDP growth is going to slow to a crawl with personal consumption fueling 70% of our economy.

    the last report the BLS put out shows output in productivity constantly increasing even with work force reductions and the use of part-time workers. this is due to technology, etc. the US produces many products but we don't make a lot of things. along with manufacturing levels at all time lows combined with outsourcing, etc. we now have a huge supply of idle labour and many underemployed.

    the national savings rate has been so low for so many decades there are no monies to fund capital projects which could put a decent amount of people to work.
    William F. Buckley describes a conservative as, "someone who stands athwart history, yelling Stop." - and then proceeds to drag civilization back to times best left in history's dungheap.

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    Bush has ruined the economy of the USA.

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    Quote Originally Posted by 99raptor View Post
    Bush has ruined the economy of the USA.

    And you would kiss Barrys ass if he asked you to Liberal.You weak minded Liberals have no clue what reality really is in life.Its a shame that people like you want to live off the Gov

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    Quote Originally Posted by DEATH MATCH View Post
    And you would kiss Barrys ass if he asked you to Liberal.You weak minded Liberals have no clue what reality really is in life.Its a shame that people like you want to live off the Gov
    this is reality....

    Critics Still Wrong on What’s Driving Deficits in Coming Years
    Critics Still Wrong on What
    William F. Buckley describes a conservative as, "someone who stands athwart history, yelling Stop." - and then proceeds to drag civilization back to times best left in history's dungheap.

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    Been a while since I have seen some propaganda from LAM, same shitty reasons and pro-liberal rhetoric, different day. I am not even going to argue, it's like trying to tell Hitler to stop killing people, not ever going to happen. And this is why we are so fucked, it's impossible to reason with idealists that refuse to see the light.
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    Quote Originally Posted by GearsMcGilf View Post
    No question the three wars and tax cuts account for most of the deficit, but it was the Fed that ultimately caused the crash IMO. Unfortunately, the Obama admin has done effectively nothing to turn any of it around. There needs to be some growth in the economy before they can have a shred of hope in taxing us out of this mess. Simply allowing the tax cuts to expire won't solve anything without aggressive policies aimed at stimulating growth in the private sector.
    Totally agree well said

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    Quote Originally Posted by oufinny View Post
    And this is why we are so fucked, it's impossible to reason with idealists that refuse to see the light.
    So it's not because it's impossible to reason with people who view data as propaganda and Fox News as fair and balanced?
    If sense were common, everyone would have it.

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    Quote Originally Posted by 99raptor View Post
    Bush has ruined the economy of the USA.
    way to go about explaining your opinion

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    Quote Originally Posted by oufinny View Post
    Been a while since I have seen some propaganda from LAM, same shitty reasons and pro-liberal rhetoric, different day. I am not even going to argue, it's like trying to tell Hitler to stop killing people, not ever going to happen. And this is why we are so fucked, it's impossible to reason with idealists that refuse to see the light.
    you must be talking about those on the right the rigid ideals that never waiver and don't change as the economy, globalization and world changes around them....

    as our current deficit shows from the past tax cuts are not deficit neutral so how are they magically going to NOT increase the deficit in the future? this is not what I say but what all the non-partisan economists say from the EPI, Brookings Institute and the CBPP..

    Ryan gets his data from the conservative Heritiage Foundation which is the economic equivalent to Fox news
    William F. Buckley describes a conservative as, "someone who stands athwart history, yelling Stop." - and then proceeds to drag civilization back to times best left in history's dungheap.

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    Quote Originally Posted by oufinny View Post
    And this is why we are so fucked, it's impossible to reason with idealists that refuse to see the light.
    You do realize that an idealist is someone striving for the ideal or best situation don't you? What is seeing the light, realizing it's going to be difficult so just saying fuck it and screwing everyone below you on the socioeconomic ladder will suffice?
    If sense were common, everyone would have it.

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    Quote Originally Posted by Dale Mabry View Post
    You do realize that an idealist is someone striving for the ideal or best situation don't you? What is seeing the light, realizing it's going to be difficult so just saying fuck it and screwing everyone below you on the socioeconomic ladder will suffice?
    you can't argue with retards that believe in magical economic polices
    William F. Buckley describes a conservative as, "someone who stands athwart history, yelling Stop." - and then proceeds to drag civilization back to times best left in history's dungheap.

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    Because you lazy liberals can't make it in this world you want to suck the money out of my veins.You deserve nothing, you get what you make of yourself in this country i work hard and take care of my family and issues with no problems i'm not a lazy ass i live within my means so should you .If you can only afford to rent a small 2 bedroom house than thats all you get! If you don't like it move to Europe you dumb ass after living there you'll wish you were a republican in the great U.S.A .We won't let you spoiled asses ruin this country anymore wait until the elections !

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    Quote Originally Posted by bigeddie View Post
    Because you lazy liberals can't make it in this world you want to suck the money out of my veins.You deserve nothing, you get what you make of yourself in this country i work hard and take care of my family and issues with no problems i'm not a lazy ass i live within my means so should you .If you can only afford to rent a small 2 bedroom house than thats all you get! If you don't like it move to Europe you dumb ass after living there you'll wish you were a republican in the great U.S.A .We won't let you spoiled asses ruin this country anymore wait until the elections !
    programs for LMI Americans account for 45% of the US population..you sir are an idiot
    William F. Buckley describes a conservative as, "someone who stands athwart history, yelling Stop." - and then proceeds to drag civilization back to times best left in history's dungheap.

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