Obama Gets Second Chance to Stress Jobs Focus at State of the Union

Armistead · 01-24-11, 01:26 PM

This year’s crop of Republican candidates are quite fond of riling the American people up about deficits and the national debt, but, as they say, you shouldn’t throw stones if you live in a glass house. In the eight years George Bush was in office - six of which Republicans controlled both houses of Congress - he and his GOP colleagues managed to nearly double the national debt. When he entered office in January 2001, the national debt stood at $5.73 trillion. By the time he left office in January 2009, the national debt stood at $10.7 trillion - an increase of $4.97 trillion.

Republicans managed to take the prosperity produced by the economic policies of the Clinton years and blow a gaping hole in the budget. When Bush entered office he was handed a $236 billion budget surplus that was on pace to produce budget surpluses totaling $5.6 trillion over the next 10 years. By the time President Obama took office, he was facing a $1.2 trillion dollar deficit, projected to accumulate to $3.1 trillion through 2019.

Perhaps the nation’s fiscal situation would not have been near as bad had Republicans not catered to the wealthiest Americans during their time in power while largely ignoring the engine that powers the nation’s economy, the middle class. Providing the richest Americans with $1.8 trillion in tax cuts over a 10-year period certainly didn’t help.

Nor did the ill-advised decision to invade Iraq help the nation’s fiscal situation. As of February 2010, the estimated cost of America’s Republican-guided misadventure in Iraq had cost the nation over $700 billion. Long term costs, including health care for veterans and interest payments on the borrowed money used to finance the war, could amount to nearly $2 trillion, according to the non-partisan Congressional Budget Office.

01-24-11, 01:26 PM	#13
Armistead Rear Admiral Join Date: Dec 2008 Location: on the Dan Posts: 10,880 Downloads: 364 Uploads: 0	This year’s crop of Republican candidates are quite fond of riling the American people up about deficits and the national debt, but, as they say, you shouldn’t throw stones if you live in a glass house. In the eight years George Bush was in office - six of which Republicans controlled both houses of Congress - he and his GOP colleagues managed to nearly double the national debt. When he entered office in January 2001, the national debt stood at $5.73 trillion. By the time he left office in January 2009, the national debt stood at $10.7 trillion - an increase of $4.97 trillion. Republicans managed to take the prosperity produced by the economic policies of the Clinton years and blow a gaping hole in the budget. When Bush entered office he was handed a $236 billion budget surplus that was on pace to produce budget surpluses totaling $5.6 trillion over the next 10 years. By the time President Obama took office, he was facing a $1.2 trillion dollar deficit, projected to accumulate to $3.1 trillion through 2019. Perhaps the nation’s fiscal situation would not have been near as bad had Republicans not catered to the wealthiest Americans during their time in power while largely ignoring the engine that powers the nation’s economy, the middle class. Providing the richest Americans with $1.8 trillion in tax cuts over a 10-year period certainly didn’t help. Nor did the ill-advised decision to invade Iraq help the nation’s fiscal situation. As of February 2010, the estimated cost of America’s Republican-guided misadventure in Iraq had cost the nation over $700 billion. Long term costs, including health care for veterans and interest payments on the borrowed money used to finance the war, could amount to nearly $2 trillion, according to the non-partisan Congressional Budget Office.