It’s not just me and you who don’t have enough money to go around. The Bush administration has pushed the government to the point of bankruptcy too. Starting Oct. 1, when the 2009 fiscal year begins, we are toast.
The White House on Monday predicted a record deficit of $490 billion for the 2009 budget year, a senior government official told CNN.
The deficit would amount to roughly 3.5 percent of the nation’s $14 trillion economy.
The official pointed to a faltering economy and the bipartisan $170 billion stimulus package that passed earlier this year for the record deficit.
As one economist said at the time of the stimulus proposal,
Let’s drop the euphemism of “stimulus package” and call this agreement by its proper name: “deficit spending.”
The Bush administration has been the borrow and spend ticket since it came to power. When, in the history of the world, has a government simultaneously cut taxes (for the rich) and funded war? There’s a reason the answer to that question is: never.
President Bush inherited a budget surplus of $128 billion when he took office in 2001 but has since posted a budget deficit every year.
The Bush administration has spent heavily on the wars in Iraq and Afghanistan, and faces a large budget shortfall in tax revenue because of Bush’s tax cuts and a souring economy.
So who do they blame for the current state of affairs? Give yourself a gold star if you answered, “Bill Clinton.”
…the senior administration official says the budgetary problems stem from what is believed to be inadequate defense, intelligence and homeland security resources that were handed down from Clinton.
[Democratic North Dakota Sen. Kent] Conrad, who chairs the Senate’s budget committee, accused the president of “squandering” the surplus he inherited from President Bill Clinton and said the increased debt the government has taken on to cover the deficit has undermined the value of the dollar and hurt the overall economy.
“If they gave out Olympic medals for fiscal irresponsibility, President Bush would take the gold, silver and bronze,” Conrad said. “With his eight years in office, he will have had the five highest deficits ever recorded. And the highest of those deficits is now projected to come in 2009, as he leaves office.”
And speaking of Bush leaving office, I have a confession to make. I used to think, back when the Republican primary was ongoing, that it might not be so bad if John McCain were their nominee. I looked at the nut jobs he was running against, plus I accepted some of the “maverick,” decent guy crapola that I now see is completely false.
Even worse, watching McCain campaign the past month or so, I truly, truly believe he is as dumb as the Current Occupant. We have just got to get somebody smart in the Oval Office again. America can’t survive another mean-spirited, half-wit puppet president.