Hahaha! The right has a laughable way of selectively using factual information in order to further their destructive policies. In one example, the Gateway Pundit took a graph from a Congressional Budget Office report in order to claim that the wars were not responsible for increasing the federal debt. We’re not idiots. You can’t select a graph out of context to confuse and distort reality. The full July 27, 2010 CBO report makes it very clear that “The recent increase in debt has been the result of three sets of factors: an imbalance between federal revenues and spending that predates the recession and the recent turmoil in financial markets, sharply lower revenues and elevated spending that derive directly from those economic conditions, and the costs of various federal policies implemented in response to the conditions”
Thus, the Bush tax cuts, which “predates the recession” and Obama, was responsible for sharply lowering tax revenues. The economic crisis required a government spending response and produced increased spending. Again, this spending, at least half of the bailout money, started under Bush. Clearly, the two wars contributed to increased spending and the Iraq War was totally unnecessary. In addition, most of the federal budget consists of spending that is not going to go down any time soon because too many Americans (of all races and ethnicities) depend on them for survival. Those items are Social Security and Medicare. If you like charts, you’ll like this one, also from the CBO.
It shows how federal revenues dropped quickly after the Bush tax cuts and eliminated the surplus the federal government had accumulated during the Clinton years. BTW, a big chunk of the federal spending on the financial bailout took place under Bush! I’m an average guy. I have nothing to gain from the Bush tax cuts. All they do is to give the rich breaks most of us don’t get. Don’t let the fact that you don’t like Obama get in the way of looking clearly at the real problem: policies that benefit a few people at the expense of the rest of us. Obama did not do this. It’s possible to argue that he may not have helped the situation much. Most economists argue that the economic stimulus was not big enough. But he encountered tremendous resistance from the Republicans in Congress and the problems did not start under his watch. Since the 1970s, the rich have been getting richer and the middle class and poor are just getting poorer. I play lotto like the rest of us in hopes of making a bundle of money. Don’t be fooled into accepting tax policies that give the rich exorbitant and undeserved tax breaks just because you hope you too will someday become lotto rich. The odds are greatly against us.