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Tuesday, July 29, 2008

Daily Kos: State of the Nation

Obama is going to have a full plate when he takes over the White House in January.  This president has run our deficit from 4 trillion surplus to a 5 trillion deficit.  He has turned our national debt from 4 trillion to 9 trillion. Yes folks, that's 9 trillion with a "T" and it all has to be paid back with interest.  Instead of raising taxes on the rich to pay for this war that only benefited the rich, Bush, instead, borrowed from China, Japan and Saudi Arabia to pay for his wars.  The economy has never been worse for the working man and woman and never been better for the richest among us.  McCain has the same economic policies as Bush that have run this country into the ground.  Suppressing unionization to  keep a cheap work force with the constant threat of allowing American companies to move our jobs off shore if we do unite and demand a living wage.  If you want 4 more years of the same oppressive economic policies that have turned us from the greatest lender nation into the greatest debtor nation in the world, vote for McCain.  Before you know it all of our jobs will be gone and the one's that are left will be paying half of what they paid 7 years ago.  It's already happened in the automotive and IT sectors, how long till it reaches yours?

He's going out with a bang.

The White House has increased its estimate for next year's deficit to nearly $490 billion, a record figure that will saddle the next president with deepening budget problems in his first year in office, a report due out Monday shows.

The projected deficit for the fiscal year that begins Oct. 1 is being driven higher by the continuing economic slowdown and larger-than-anticipated costs of the two-year, $168 billion fiscal stimulus package passed by Congress, said two senior administration officials with direct knowledge of the report. In February, President Bush predicted the 2009 deficit would be $407 billion.

The budget update shows this year's deficit headed under $400 billion, at least $10 billion less than projected, according to the two officials. That's partly because tax revenue held up reasonably well despite the weaker economy.

The rising deficit for 2009 marks a sharp turnaround for Bush's fiscal legacy. He inherited a $128 billion surplus when he came into office in 2001. It soon turned to red ink because of a recession, the Sept. 11 attacks and the war on terrorism.

These numbers don't include the costs of our two wars, either.

The biggest budget deficit recorded to date was $413 billion in 2004. In today's dollars, that would be about $478 billion.

That was during the GOP trifecta, when they had control of all branches of government. If the last eight years have taught us anything, it's that Republicans have no clue how to manage our nation's finances.

Daily Kos: State of the Nation

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