View Full Version : Bush--Keeping it real
03-01-2012, 01:15 AM
For all the right wing Bush defenders:
03-01-2012, 11:02 AM
That's not quite right, and I speak as no defender of the former president.
There was no such $5.6 trillion dollar surplus, which was a mythical 10-year projection of the CBO which required all laws in place remained there for the next 10 years (including pay-go rules, and hard caps on discretionary spending), and no recession take place (or at least, an average gdp real growth rate was assumed that would be hard to achieve if there were a recession). So he couldn't have 'wiped it out' in two years, as it never existed.
Although he PRETENDED it existed, and did 'spend' it, while promising to the nation that he could fund his $1.6 trillion dollar 10-year tax cut, not ever touch the Social Security surplus (maintaining the lock-box concept), pay down $2 trillion on then then-$5.4 trillion dollar debt, AND maintain a near-$1 trillion 'contingency fund' for a rainy day fund, in case anything went wrong.
These were not just the pre-administration jottings of the economic team, but what he told the nation in his own voice in a nationally televised address after becoming president.
In the end, it was a $10 trillion dollar swing against the projection of an accumulated $5.6 trillion in total surplus, achieving instead the extra debt accumulation in roughly that amount.
Which makes sense, in a perverse way. Because 'spending' what was never going to happen, when it was all zeroed out to no real surpluses by voiding all the prior conditions mentioned above, added all that new spending (and reduced federal income from baseline) right to the debt.
03-01-2012, 11:08 AM
Thanks for you input, I appreciate your clearing it up a bit. /forums/images/%%GRAEMLIN_URL%%/smile.gif
03-01-2012, 11:15 AM
The best part of that Bush speech was when he said he had personally sat down with the budget and a sharp pencil, and could personally vouchsafe that everything he was saying was absolutely true. It would be hilarious if it were not so tragically wrong.
Powered by vBulletin® Version 4.2.0 Copyright © 2013 vBulletin Solutions, Inc. All rights reserved.