Right Wing Dog

The FIGHT for The RIGHT!

Obama’s figures just don’t add up to the TRUTH!

I am reporting this on my blog because many have not had the opportunity to see the REAL NUMBERS and not the lies coming out of the Administration of Barack Hussein Obama! We are being told what they want us to know without regard for truth or verification means.

THESE ARE THE TRUE DEFICITS: BUSH $800B, OBAMA $1.4T
By Dick Morris
02.3.2010
Published on TheHill.com February 2, 2010
President Barack Obama is being disingenuous when he says that the budget deficit he faced “when I walked in the door” of the White House was $1.3 trillion. He went on to say that he only increased it to $1.4 trillion in 2009 and was raising it to $1.6 trillion in 2010.
Rep. Joe Wilson (R-S.C.) might have said, “You lie,” but we’ll settle for “You distort.”
(As Mark Twain once said, there are three kinds of lies: “lies, damn lies and statistics.”)
Here are the facts:
In 2008, George W. Bush ran a deficit of $485 billion. By the time the fiscal year started, on Oct. 1, 2008, it had gone up by another $100 billion due to increased recession-related spending and depressed revenues. So it was about $600 billion at the start of the fiscal crisis. That was the real Bush deficit.
But when the fiscal crisis hit, Bush had to pass the Troubled Asset Relief Program (TARP) in the final months of his presidency, which cost $700 billion. Under the federal budget rules, a loan and a grant are treated the same. So the $700 billion pushed the deficit — officially — up to $1.3 trillion. But not really. The $700 billion was a short-term loan. $500 billion of it has already been repaid.
So what was the real deficit Obama inherited? The $600 billion deficit Bush was running plus the $200 billion of TARP money that probably won’t be repaid (mainly AIG and Fannie Mae and Freddie Mac). That totals $800 billion. That was the real deficit Obama inherited.
Then … he added $300 billion in his stimulus package, bringing the deficit to $1.1 trillion. This $300 billion was, of course, totally qualitatively different from the TARP money in that it was spending, not lending. It would never be paid back. Once it was out the door, it was gone. Other spending and falling revenues due to the recession pushed the final numbers for Obama’s 2009 deficit up to $1.4 trillion.
So, effectively, Obama came close to doubling the deficit.
Obama seems not to understand that the deficit is the jobs problem. To add to the deficit in the hope of creating more jobs is an oxymoron. Additional deficit spending just crowds out small businesses trying to borrow money to create jobs and consumers seeking credit to buy cars and homes.
Soon, when the Fed stops printing money and we have to borrow real funds from real lenders, the high deficit will send interest rates soaring, further retarding growth and creating a cost-push inflation.
The interest rate we are now paying for the debt — about 3.5 percent — is totally artificial and based on the massive injection of money supply created by the purchase of mortgage-backed securities by an obliging Federal Reserve. Once these injections of currency stop, the rate will more than double, sending our debt service spending into the stratosphere. Once we had to choose between guns and butter. Now we will have to choose between guns and butter on the one hand and paying our debt service on the other.
Obama’s program of fiscal austerity in this new budget is a joke. He freezes very selected budget items while he shovels out new spending in his stimulus packages. If he wanted to lower the deficit, here’s what he could do:
1. Cancel the remaining $500 billion of stimulus spending; and
2. Cancel the $300 billion of spending in stimulus II.
Those are the real numbers. Or, as Al Gore would have it, “the inconvenient truth.”

RWD

Advertisements

February 6, 2010 - Posted by | 2010 elections, 2012 Elections, America, Blogroll, Change, Democrat, Healthcare, Joe Biden, Liberal Democrat, Michelle Obama, Military, NOBAMA, Obama, pelosi, Political, POLITICS, President, Presidential Candidate, Senator, Social Security, Socialist, stimulus package, Vice President | , , , , , , , , , , , , ,

3 Comments »

  1. [Then … he added $300 billion in his stimulus package, bringing the deficit to $1.1 trillion. This $300 billion was, of course, totally qualitatively different from the TARP money in that it was spending, not lending. It would never be paid back. Once it was out the door, it was gone. Other spending and falling revenues due to the recession pushed the final numbers for Obama’s 2009 deficit up to $1.4 trillion.]

    That’s a lie. Only $175 billion from the stimulus has been spent so far.
    http://www.recovery.gov/Pages/home.aspx

    And you’re blaming Obama for the decreased revenues due to high unemployment. That’s hardly honest.

    Comment by Ben Hoffman | February 6, 2010 | Reply

    • You seem to believe everything you read that is put out by the Obama administration. Don’t forget, he rails against those on Wallt Street BUT they are also some of his largest donors.

      Obama is a “beat” in the language of the street. Read this following and see what you think:
      http://www.washingtonexaminer.com/opinion/blogs/beltway-confidential/Barack-Obama-deadbeat-candidate-83333957.html

      If you trust recovery.gov I also expect you look through the bills he posts before he signs them as he said he would do during his campaign. That is a trick question as he does not post them, so much for transparency and honesty!

      Thanks for the posting!

      RWD

      Comment by rightwingdog | February 6, 2010 | Reply

  2. Obama has always used what can be title “thin air numbers”. As in, “he plucked them out of THIN

    Barack make no distiction betwee truth and lying. It is a fact, that he lies more often than not.

    Comment by WatchDog | February 11, 2010 | Reply


Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s

%d bloggers like this: