Obama Administration is spending tomorrow... TODAY! This should frighten all of us on the forum. We're mostly all under 30 so this will have the greatest and gravest impact on us.
Spending: Obama VS Bush
Bush: From Jan 2001-Jan 2009 Bush increased national deficit from 3.3 trillion to 6.3 trillion (double). Bush's average spending was above post-WWII levels. Post WWII deficit is 2.7% of GDP. Bush's deficit was 3.2% of GDP
Obama: In the first 20 months of President Obama's term the deficit will increase by 3.3 trillion. The same amount Bush spent in 8 years (with Iraq war) Obama spends in less than two. Obama's plan calls for an average 4.2% deficit over GDP over the next decade. His spending will last longer than his four year term. In 2009 his deficit was 9.9% of GDP (post WWII record). The fiscal year of 2010 will bring 9.2%.
Obama's spending plan will double the national debt in five years and triple in ten years. Think about that, 33 trillion dollars the US owes in ten years. What age will you be in ten years? Do you think we'll magically find 33 trillion dollars somewhere? No, we have to reduce spending.
Here is a graphic of the spending that has taken place over the last few decades. notice the SPIKE in outlays (spending) since Obama has taken office.
You must login or register to view this content.
The divergence between outlay (gov't spending) and receipts (gov't revenue from taxes) is what will eventually cause the collapse of the US economy which will be a tidal wave through the global economy since globalization. This same situation has just taken place on a smaller scale: Greece.
Policy decisions:
I have not touched on the policy decisions that I strongly disagree with. We can examine the State Childrens Health Insurance Program (SCHIP) and Health Care and Education Reconciliation Act. We can additionally look at his supreme court picks as well. The list is long on where this country is making mistakes.
Bush's mistakes
Don't misappropriate my dislike for Obama for an undying support of President Bush. Under Bush, real GDP growth was 2.5% which is under the business cycle average from 1949-2000. Bush handed out several tax cuts which appeared only to appease the population... the cost of this was great and the impact very insignificant. Median annual income dropped approximately $1,000 per household during his two terms. His forgein policy and domestic policy had significant flaws.
Remember that Obama took office mid recession... So did Bush. Bush turned around the economy and doubled the US stock markets, raised employment and tried to give the people back their money.
I don't think it's a fair characterization to lump Obama and Bush into the same category. I hate hearing the "pro" Obama folks saying.. "well at least it's not Bush." That sort of uneducated thinking is what is leading us down the path of our own destruction.