Archive for the ‘Bush’ Category

Great moments in Presidential sports …

April 10, 2015

This was a big week: Easter, NCAA Finals, and baseball’s opening day ….

Let’s play off those events and flashback for some yucks.

First, W and O throwing out opening day pitches.

One of them throws a strike, one of them doesn’t.

Guess …

click to view
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OK, I know what you’re thinking: “He’s just picking on Obama.  Everybody knows that hoops is his game”.

Hmmm.

Remember the Easter eggs festivities at the Whitehouse in 2013?

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Nums: U.S. Federal Spending & Deficits under Clinton, Bush & Obama

July 26, 2011

If you missed yesterday’s post “How’d we get into this fix?”, check it out now.

Apparently, Pres. Obama missed it.

How do I know?

Simple: his historical recollections in last night’s speech didn’t seem to match the numbers.

Somebody forwarded him the link, ok?

* * * * *

Following up on yesterday’s post, some HF readers asked for a summary table.

So, here it is …  click below for a PDF version

Conclusions stay the same as yesterday …

Bush overspent Cinton by about $1 Trillion annually and Obama makes him look like a tightwad.

Obama is spending $1 Trillion per year more than Bush and $2 Trillion per year more than Clinton.

Still, Obama wants taxpayers to bail him out.  Don’t constrain him with spending restraints …

What planet ?

click chart to enlarge or click below to download a PDF version

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click to download PDF

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How’d we get in this fix? … Here are the nums re: the Fed’s spending binges.

July 25, 2011

Obama’s stump riff is that we’re in this debt-deficit mess because of 2 unfunded wars, an unfunded prescription drug plan, and the unfunded Bush tax cuts.

Oh, really?

Let’s look at the nums … starting with Bush’s last year – 2008.

A couple of takeaways:

  • No surprise, the big 3 – defense,  Medicare and Social Security – are roughly equal in magnitude and account for about 70% of gov’t spending
  • Bush handed off to Obama a deficit of roughly $500 Billion and a $10 Trillion national debt.
  • IMPORTANT: ‘Baked in’ to those numbers are Obama’s talking points: the wars, the Rx plan, and the tax cuts … more on that later.

That’s the static view.

For context, let’s look at Bush’s spending (in his last year) versus Clinton’s spending in his last year (2000):

                                            click to enlarge

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A couple of more takeways:

  • Bush increased spending over $1 Trillion (2000 to 2008)
    …OUCH!
  • Almost 1/3 of the increase was in defense spending … 2 wars will do that to you … especially when compared to Clinton’s skinnied down military (remember the “peace dividend” that Reagan handed Clinton?)
  • Over 1/4 of the increase was attributable to higher healthcare costs … a prescription drug plan and a touch of inflation will do that to you
  • Note: about $200 Billion of the increase is attributable to Welfare (think refundable tax credits) and Education (think NCLB)
  • Interesting (to me): The national debt grew by about $4.5 Trillion from 2000 to 2008 … to about $10 Trillion …  during the same period, tax receipts (“revenue” in Obama-speak) increased by about $500 Billion (according to the Tax Policy Center)
  • Conclusion: The increase in the debt / deficit during the Bush years was more than fully explained by the oversized spending … though marginal tax rates went down, tax receipts increased, offsetting some of the higher spending.

Now, keep in mind, that Obama inherited a national debt of about $10 Trillion and an annual deficit of under $500 Billion.

Also, keep in mind that the spending on the 2 wars and the Rx drug plan were baked into Bush’s final year’s numbers.

OK, now let’s look at the Obama years.

                                       click to enlarge

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Well, well, well.

Total spending for the current year is projected to be almost $1 Trillion over spending in Bush’s last year … and, about $2 Trillion over Clinton’s last year.

Gawd, how can that be?

  • Again, keep in mind that the spending on the 2 wars and the Rx drug plan were baked into Bush’s final year’s numbers.
  • Still, defense spending increased by 28% (over 2008) … I guess doubling down on Afghanistan, initializing “kinetic activities” in Libya, and tripling the number of drone missile attacks will do that to you.
  • Healthcare is up over 25% … to be fair, there’s inflation in there, but there’s also the massive bureaucracy being built to run Obamacare…
  • Welfare is up over 25% in 2 years … think food stamps (and more food stamps)

So, there’s a roughly $5.5 Trillion projected increase in the national debt in Obama’s first 3 years …. or, $4.5 Trillion if you still believe that the Stimulus was a necessary and extraordinary budget item.

Double OUCH !

During the period 2008 to 2011, tax policy (i.e. rates, brackets and deductions) stayed essentially constant – remember that the Bush tax cuts were extended last December.

But, tax receipts went down from $2.524 Trillion in 2008 to $2.162 Trillion projected in 2011.  I guess a “making work pay” program, a  payroll tax holiday, and 9% unemployment will do that to you.

* * * * *

Bottom line: Readers know that I stay pretty close to this stuff.

Still, the numbers are mind-numbing … even to me.

Bush added a Trillion to the deficit over 8 years.  Obama did it in 3.

Bush added about $5 Trillion to the debt in 8 years.  Obama did it in 3.

Bush disappointed when it came to fiscal management.

But, Obama has literally spent us into a potential default.

He thinks the problem is accelerated depreciation on corporate jets and too little tax paid by the rich.

And, he doesn’t seem to understand – despite the Nov. elections –that tax  payers don’t want to pay for his spending binges.

I’m not very optimistic …

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