Deficit Spending - Who Actually Started It ?
Thursday, February 26, 2009
Just as conservatives have stated, Obama will push spending way up, nearly $3.94 trillion in 2009 alone. Spending is expected to reach $3.55 trillion in 2010. Why does he have to do it? Well thanks to a conservative President named George Bush, Obama is now trying to fight the worst financial crisis in 7 decades. In a report by MSNBC, the money would be equivalent to giving every taxpayer in the country $12,000.
In contrast, in mid 1998, the fiscal deficit dropped to zero. So the present deficit of 1.75 trillion is a result of the last 10 years. It should also be noted that when President Bush was elected, that's about when the downward spiral began, and it took a real dive when he invaded Iraq, without a solid reason. Take a look at the deficit chart below just to give you an idea what has happened since Bush was in office. In 2000, the chart shows $232 billion in surplus under President Clinton's watch. The budget was balanced. Budget problems started when George Bush became President.
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