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THURSDAY, NOVEMBER 26, 2009

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Racist Image of Michelle Obama Taken Down

Blog site removes it, not Google, then issues apology

Nov 25, 09 2:07 PM CST
Google Issues Disclaimer
Over Racist Michelle Image

But company won't
pull doctored photo

Nov 24, 09 12:28 PM CST
NEXT STOP, REALITY TV (MAYBE)

Va. Socialites Crashed
Obama's State Dinner

And, yes, Tareq and Michaele Salahi want reality-TV turn

Nov 25, 09 9:29 PM CST
Michelle wore...

The Skinny on the State Dinner

Michelle Obama wore Naeem Khan, and other tidbits

Nov 25, 09 7:49 AM CST
Blair Knew Iraq Had No WMD
10 Days Before War Began

Intelligence ignored, British panel told

Nov 25, 09 8:16 PM CST
Analysis

Obama Is the Anti-Cowboy

Slow decision on Afghanistan a contrast from Bush's gut checks

Nov 25, 09 9:26 AM CST
REBRANDING DEPT.

Dobbs to Latino Voters:
Let's Be Amigos!

Once rabidly anti-illegal anchor now warms to 'amnesty'

Nov 25, 09 12:13 PM CST
Bachmann, Palin
to Address
Tea Party
Convention

Nashville to host ultra-conservative gathering February

Nov 25, 09 4:34 PM CST
MAUREEN DOWd

White House Counsel's Fall Should Worry Obama's Loyal

Cold handling of Craig recalls Clinton era

Nov 25, 09 3:50 AM CST
OPINION

SNL a Right-Wing Mouthpiece

Or latest sketch just a 'vehicle to make anal sex joke'

Nov 24, 09 1:14 PM CST
RUNNING... FROM THE LAW?

Edwards '08
Legal Tab
in Oct. '09:
$43K

Ex-candidate racks up more than $43,000 in October

Nov 25, 09 8:52 AM CST
MALKIN GETS FESTIVE

This Year's Top Liberal Turkeys

Stimulus, President O-bow-ma get top billing

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PARK IT LIKE IT'S HOT

Arnold: 'No One Is Perfect'

Governor owns up to traffic violation

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|NEXT STORY »

ANALYSIS

How We Wound Up With a $1.2T Deficit

By Kevin Spak| Posted Jun 10, 09 9:24 AM CDT|

(Newser) – President Obama’s agenda plays a very small role in the massive deficits facing the country, but it won't do anything to correct them, wither the New York Times reports. After reviewing a decade’s worth of Congressional Budget Office reports, the paper explains how the government turned a $800 billion surplus into a $1.2 trillion deficit:

The recessions of 2001 and today are responsible for 37% of the swing, thanks to decreased tax revenue and increased safety-net spending.
George W. Bush’s policies, including his tax cuts and the Medicare prescription drug benefit, account for 33%.
By extending some of those policies, like the Iraq war and selected tax cuts, Obama has contributed another 20%.
Roughly 7% comes from Obama’s stimulus, and just 3% from his overall agenda on health care, education, and energy.

[Images (3)]

[Quotes (1)]

President Barack Obama walks past a portrait of President George H. W. Bush as he arrives to speak about General Motors and the auto industry, June 1, 2009. (AP Photo/Charles Dharapak)

President George W. Bush, leave the White House in Washington, Friday, Jan. 16, 2009, for Camp David, Md. (AP Photo/Manuel Balce Ceneta)

The national debt is shown on the Debt Clock in New York, Oct. 9, 2008. The clock has run out of digits to record the growing figure. The dollar sign has been switched to show the "1" in $10 trillion. (AP Photos/Bebeto Matthews)

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Bush behaved incredibly irresponsibly for eight years. On the one hand, it might seem unfair for people to blame Obama for not fixing it. On the other hand, he’s not fixing it. - Alan Auerbach, UC Berkley economist and deficit expert

« Prev« Prev | Next »Next » Slideshow

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22 comments

VIEWING:

Cat-Lover
Jun 10, 09 9:34 AM CDT

According to this report, only 10% of our national deficit can be laid at President Obama's feet -- and in that 10% are projections for programs not yet in effect. Ninety percent (90%) at the Bush-Cheney disastrous administration. God have mercy on us for our last eight years! Reply

IN RESPONSE:

northeast
Jun 10, 09 12:07 PM CDT

....no? Add correctly and then tell us what you found.

-3

| 0 minutes ago

Reader64481089
Jun 10, 09 9:44 AM CDT

Of course he had to continue the war and incur even more cost, his predecessor left no choice but to see it to the end and thus allowed himself the luxury of not carrying the entire mess in his own pocket. Put it all where it belongs and that is with who started it at the beginning. Reply

| 0 minutes ago

Reader65069154
Jun 10, 09 9:55 AM CDT

As I read it, 20% + 10% = 30% comes from Obama's policies and he's only been in office 4.5 months! Reply

-3

IN RESPONSE:

Adapt-Overcome
Jun 10, 09 10:00 AM CDT

the 20% comes from extending support for the troops that George Bush refused to pull out of Iraq. So, I'm sure if he refused to fund them, you'd have alot to say on that subject. It's like "bitching if they hung you with a new rope". Always find the negative to further the nut jobs cause.

IN RESPONSE:

doingtherightthing
Jun 10, 09 10:21 AM CDT

your right Obama is just beginning to spend us into oblivion. Bush's deficit was 685 billion and Obama's deficit is set at !.8 trillion. Thats almost tripled for the year. In turn this means higher interest rates on the horizon and stagnet inflation......welcome back to the Carter years.......inflation in the teens and mortgage rates in the teens and unemployment in double digits.......you assume there was a surplus by this article but in reality our government runs on a deficit not a surplus. This so-called UC Berkely economist lied in this article. Congress is out of control along with this president spending beyond its means.......big time taxes coming..........watch your pocket books.........

-3

IN RESPONSE:

Mr.C
Jun 10, 09 1:31 PM CDT

It is not just Iraq, it is now Afghanistan, which Obama is taking on as his own initiative.

-1

IN RESPONSE:

SPH
Jun 10, 09 5:47 PM CDT

rightthing, your knowledge of economics is actually surpassed by George W's mastery of the English language....

| 0 minutes ago

Adapt-Overcome
Jun 10, 09 9:57 AM CDT

Bet the Right Wing Nuts won't be passing this information along anytime soon. Reply

IN RESPONSE:

Reader65069154
Jun 10, 09 11:02 AM CDT

We are. 30% comes from Obama's policies and he's only been in office 4.5 months.

-2

IN RESPONSE:

IndependentThinker
Jun 10, 09 11:37 AM CDT

ReaderXXX; It is hard to stop a train moving at full force... even if you can count that 20% that came from Cheney war - Bushes holy crusade the damage they did to the economy while they were in office is now cascading down to Obama. That being said he still needs to man up and start making choice that will piss off a lot of people in congress and special interest groups. He needs to get his hand out of the cookie jar and do what he was asked by the American people to do, Look out for the interests of the majority of Americans.

| 0 minutes ago

myvoice
Jun 10, 09 10:45 AM CDT

Aren't these same economists from Standford that counseled Reagen the trickle down theory? that was such a great idea wasn't it? Feed big business and they will take care of the workers.... how is that been working out? Oh yeah .. GM, Enron, Kaiser, the banks etc etc etc etc etc !!!!!!! Reply

IN RESPONSE:

doingtherightthing
Jun 10, 09 11:28 AM CDT

"myvoice" another oversight of the facts. Here is lesson 101 for you........there is no such thing as a surplus in our government. The government spends it does not save, it raises taxes so it can spend more... congress is spending more than the revenues coming into the government......your taxes are going higher...........Obama is being clever in blaming the past for our problems such as private enterprise and the rich. That is crap and you bought into it.......The real issue is Obama and Congress are spending way over our means which will result in higher interest rates, stagnet inflation and in turn, double digit unemployment..........class over!

-4

IN RESPONSE:

IndependentThinker
Jun 10, 09 11:32 AM CDT

Don't forget that the wealth of the top 10% has steady increased as the wealth of the 90% has decreased. As we know when rich people get money they just love to give it away....

| 0 minutes ago

newsrmandan
Jun 10, 09 11:56 AM CDT

I am no economist and I am not too knowledgeable on federal reserve. But doesn't it make sense that a dept however big is no issue if you had a printing press that gave you dollars to pay off said dept as long as the dollars printed were of equal value. Seems to me like the gov. is like the rich kid who wrecks his new BMW doing something stupid to find another one just like it in the garage when he gets home. I always want to think that the federal Gov. must account for spending like me and my wife do. We have limited funds and must live within them. The Gov. as far as I know is not limited in the same way the rest of us are and so may not have the same restraining effect that I have? Just a thought. Reply

-1

IN RESPONSE:

Nwambe
Jun 10, 09 12:05 PM CDT

But doesn't it make sense that a dept however big is no issue if you had a printing press that gave you dollars to pay off said dept as long as the dollars printed were of equal value. The Germans tried that in WWI. The trick is that the more money you need, the more you print off, and as currencies are now traded on the int'l market, a massive run of bills indicates to the international community that there is a massive debt that needs to be paid. This massive debt spooks international investors, and the value of the currency falls, and is further perpetuated by printing more bills. An analogue would be when an individual is in \deep debt and applies for more credit cards to continue spending. What happens to the companies who have already given the individual a card? What about companies that the individual has applied to.

IN RESPONSE:

Snowleopard
Jun 10, 09 1:30 PM CDT

I'd argue that one of the best things for america right now is for the dollar to fall in value. This would make US exports more affordable internationally, and would essential reduce the real value of the amount of debt we owe. A devaluation of the US dollar is definately coming in the next several years.

IN RESPONSE:

newsrmandan
Jun 10, 09 1:42 PM CDT

Nwambe... so is the answer to our dept problems hinging on the confidence of international investors. And their faith in the US as a world leader in productivity and innovation? So the question of confidence has to be addressed by the world community seeing the US working. The US works when it has something to work for when it is striving to attain something unreached up to now. Your Credit card analogy works when the problem is that the person getting credit is wasting it on pleasure and lavishness as opposed to really doing something worthwhile with it. there is a huge diff. in the using credit to buy shoes as to using it to develop the next big thing. Obama wants the next big thing to be the green revolution and where that may have some merit I think its short sited a little. My only other thought regarding the international communities confidence in the U.S. is where else are they going to go to get equal confidence for a return on their money? I don't know.

IN RESPONSE:

SPH
Jun 10, 09 6:06 PM CDT

First one the word is "debt" not "dept"...Nwambe , your understanding of history is appalling as the German mark did not crash during WW1, but after the Treaty of Versailles left the Germans no viable economic recourse....And contrary to your stupid beliefs that is not how macro-economics works....

| 0 minutes ago

doingtherightthing
Jun 10, 09 12:41 PM CDT

there priniting more money to cover-up there growing debt. That's why Gietner went to China to assure the Chinese that we are still rated AAA. Buy more bonds. They laughed him out of China.......That little show put on by Obama the other day "payco" was to appease those who know the truth and to get the Chinese back into buying US Bonds. I think the printing press is exhausted at running full speed under Obama's watch; and this Congress's spending....."Heil Hitler". Reply

-2

| 0 minutes ago

lindamae
Jun 11, 09 3:41 AM CDT

It seems to be okay for those who defend Obama's spending - the Omnibus Pork bill for example- so that we will borrow 46 cents out of every dollar we spend - and our babies will be picking up the tab. I can't believe it. Anyone who reviewed the Omnibus bill should be in arms over the stupid - and I use the word in its true meaning - projects Reply

-2

IN RESPONSE:

radnip
Jun 16, 09 3:17 PM CDT

We've been doing this for a long time. What's the problem today? Borrowing and paying lots of interest is the national hobby. Did you not notice all the refi's and consumer debt? It'd be nice to see people saving for their wants and living within their means, but I'm guessing that's just me being wishful. When one reads about voters NOT wanting to fund anything but then complain about lack of services, one can only conclude those voters want more debt.

| 0 minutes ago

View all 22 comments »

Bush administration • Barack Obama • national debt • budget deficit • balanced budget • George W. Bush • Obama administration • budget crisis

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