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

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

Obama and Congress should read this Quote from 2064 Years Ago!

No matter how you look at it, this makes complete sense!

“The national budget must be balanced. The public debt must be reduced; the arrogance of the authorities must be moderated and controlled. Payments to foreign governments must be reduced, if the nation doesn’t want to go bankrupt. People must again learn to work, instead of living on public assistance.” – Cicero 55 BC

RWD

April 4, 2009 Posted by | Abortion, Al Gore, Blogroll, Clinton, Congress, Democrat, Durbin, earmarks, Healthcare, House, Joe Biden, Liberal Democrat, Main Stream Media, NOBAMA, Obama, pelosi, Political, POLITICS, President, Rahm Emanuel, RIGHTWINGDOG, Senator, Socialist, stimulus package, Ted Kennedy, White House | | 7 Comments

Maybe Somebody Should Tell Barack Hussein Obama!

The answer everyone is looking for is 2065 years old!

“The budget should be balanced, the Treasury should be refilled, Public Debt should be reduced, the arrogance of officialdom should be tempered and controlled, and the assistance to foreign lands should be curtailed lest Rome become bankrupt. People must again learn to work, instead of living on public assistance.”
— Cicero – 55 BC

Somebody PLEASE tell Barack Hussein Obama!

RWD

March 13, 2009 Posted by | Blogroll, Change, Democrat, economy, Liberal Democrat, NOBAMA, Obama, Political, POLITICS, President, Socialist, stimulus package, Tax | , , | 2 Comments