Our readers write
Posted: Wednesday, September 12, 2012 7:00 pm
Bush left Obama
with huge debt
To The Editor:
I keep hearing rumors about a line of credit that I and other Democrats have signed. You know the one I’m talking about — the line of credit borrowing against our children’s futures to finance our “liberal social agenda.” If you look closely at that line of credit, however, you’ll find President Bush’s signature at the bottom of it.
President Clinton left President Bush four years of balanced budgets, a surplus of $128 billion and a national debt of $5.7 trillion, having increased it by only $1.5 trillion during his presidency. When President Bush left office, he handed President Obama a national debt of $10.6 trillion dollars and a 2009 budget that was $1.4 trillion in the red. What happened?
According to the Congressional Budget Office, what happened was the Bush Recession, the Wall Street meltdown and subsequent bailout, tax cuts that weren’t paid for, two unfunded wars that were never included in President Bush’s budget and the Medicare Part D drug plan, also unfunded and the most expensive “socialist” program since Medicare. The result, according to the CBO, was snowballing deficits and a skyrocketing national debt.
The unfunded costs and the revenue shortfalls behind President Bush’s deficits did not dry up and blow away when President Obama took office. He has had to include them in his budget every year. The Center on Budget Policy and Priorities, using CBO figures, estimates that President Bush’s decisions and economic policies will account for $13 trillion of deficit spending from 2009 to 2019. Just the interest on the borrowing necessary to cover the deficit spending President Bush left us with will total almost half a trillion dollars annually by 2019. And that’s not even factoring in the cost of his Medicare Part D drug plan.
Yet when President Obama offered Republicans in Congress more than $3 of spending cuts for every $1 of revenue increases in an effort to address the deficit spending he was saddled with, they walked away from the table. The revenue increases he requested included eliminating corporate welfare such as subsidies to oil companies and investment banks earning billions in profits, doing away with tax breaks for companies shipping jobs overseas and closing tax loopholes such as the one taxing income from investments at an average rate of 15 percent while taxing the income of most middle class workers at 30 percent. And all the while the Republicans were walking away, they were howling about the deficits they helped set in motion under President Bush and never did anything about reducing.
As a matter of fact, I didn’t hear one howl, one scream or shriek, not even a tiny squeak about these deficits or the national debt from the Republicans while President Bush was in office. But the moment President Obama stepped up to the podium, placed his hand on the Bible and took the oath of office, the howling began.
Published in The Messenger 9.12.12