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May 26, 2012
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Ear to the Ground

Budget Watchdog Blames Debt Crisis on Bush Policy

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Posted on May 25, 2011
Flickr / Beverly & Pack

The nonpartisan Center on Budget and Policy Priorities has updated research that projects nearly half of public debt in 2019 will be attributable to President George W. Bush’s tax cuts plus the ongoing wars in Iraq and Afghanistan. The tax cuts left the American treasury particularly vulnerable when the financial crisis hit, the CBPP reports: “The events and policies that pushed deficits to these high levels in the near term were, for the most part, not of President Obama’s making. If not for the Bush tax cuts, the deficit-financed wars in Iraq and Afghanistan, and the effects of the worst recession since the Great Depression (including the cost of policymakers’ actions to combat it), we would not be facing these huge deficits in the near term.” —KDG

Talking Points Memo:

By the end of the decade, CBPP projects that, on the current trajectory, the Bush tax cuts, exacerbated by the economic downturn, combined with the wars in Iraq and Afghanistan will account for the significant majority of public debt as a share of GDP.

Without those factors, and without the need for stimulus measures under President Obama, CBPP projects that the debt-to-GDP ratio would have dropped under both Presidents Bush and Obama.

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PatrickHenry's avatar

By PatrickHenry, May 26, 2011 at 3:50 pm Link to this comment

GWB and his followers were personally responsible for lowering the IQ of American Republicans by at least 10 points.

http://politicalhumor.about.com/library/blbushisms.htm

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EmileZ's avatar

By EmileZ, May 26, 2011 at 1:23 pm Link to this comment

@Morpheus

I think you have a super point.

I’ll probably just keep standing around, but it is a very good point nonetheless.

Maybe if I stand around or yell in the right place change will happen or something. I dunno.

I just dunno!!!

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By Inherit The Wind, May 26, 2011 at 1:02 pm Link to this comment

purplewolf,

I stand corrected.  I only knew about Dec 2000, not earlier.

Even though it’s closing the barn door after the horse is gone, GWB’s clear cold-shouldering of Cheney has kicked THAT monster into obscurity, though jail would be better.

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By Morpheus, May 26, 2011 at 1:00 pm Link to this comment

I don’t blame bush, democrats or republicans anymore. The people in this country stood around for years and let it happen. We know our government doesn’t work, but we either ingore or put with. Well, we have to put up with this mess becasue we made it. And voting for republicans and democrats wont change a single thing. We have to get off the coach or just shut up and put up with it.

Memo to America: Stop waiting for Democrats and Republicans to save you.

“WAKE UP!”  -  JOIN THE REVOLUTION
Read “Common Sense 3.1” at ( http://www.revolution2.osixs.org )
We don’t have to live like this anymore. “Spread the News”
——
FIGHT THE CAUSE - NOT THE SYMPTOM
*** one day you’ll thank me ***

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By CaliJim, May 26, 2011 at 11:50 am Link to this comment
(Unregistered commenter)

Well, we obviously needed an impartial observer to attribute the damage done by Dubya properly and counter the right wing nonsense about how great he was…although, the people who most need to read it, never will.  Just like with so many of the right wing extremist lies and propaganda, the “true believers” will insist that they, alone, are correct and everyone ELSE is wrong.  What a similarity to the followers of the fake prophet Harold Camping, who - after yet ANOTHER failure of his end of the world claims - simply say that they need to be even MORE “spiritual” and pray harder and the NEXT prophecy will prove them right, after all!  Blind Faith never met a set of facts that could change the believers minds, once they were properly indoctrinated.

Amazingly enough, John Edwards is expected to be indicted for using campaign contributions illegally…yet the grossly illegal actions by the Bush administration and the financial CEOs that killed and wounded thousands of our brave troops and crippled the retirement and incomes of millions of our fellow citizens - NO PROSECUTIONS AT ALL!  WTF?!?!

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By GW=MCHammered, May 26, 2011 at 11:13 am Link to this comment
(Unregistered commenter)

Gdubya equals Middle Class Hammered?
Big F-ing Duh!

Where have all the badges gone?
Wall and K-Street, our borders and Capitol Hill.
Flippin’ crooks everywhere.

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By surfnow, May 26, 2011 at 8:06 am Link to this comment

The entire Bush family saga is replete with crime, treachery and treason. Prescott was linked to plans to assassinate FDR, even before he became one of Hitler’s main bankers. There is evidence that H.W. was one of the cabal who took out JFK. Neil cost us billions with his banking frauds in the 1980s.  Jeb stole the election for his brother in 2000.  While W’s crimes are far too numerous too list- suffice it to say they bankrupted our economy and killed hundreds of thousands. What a family.

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By purplewolf, May 26, 2011 at 7:46 am Link to this comment

Inherit The Wind: Actually my local newspaper, when we still had news that was news, published an article in July 2000 where George W. Bush stated his top priority was war in Iraq. This was months before the stolen position of president that G.W, went on to steal. And about 6 months before December 2000. America and it’s problems were about #10 on his list of things to screw with.

And we still have the mess he left for the people after Katrina happened.

I guess we can all be thankful he was on vacation in Crawford almost 4 of the 8 years he was president, just think of all the other trouble he could have caused if he was in the white house full time.

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EmileZ's avatar

By EmileZ, May 26, 2011 at 6:49 am Link to this comment

@GordJ

What you call a “sin tax” is often a regressive tax scheme that primarily target the poor.

We need to tax the rich buddy.

There has been a huge redistribution of wealth in favor of the rich. Also, we give tax breaks to companies who outsource jobs etc.

You’re full of beans!!!

Ahahahahhahahah!!!

Go fart somewhere else.

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By GordJ, May 26, 2011 at 6:28 am Link to this comment

As a Canadian and an owner of a vacation home in Florida, I have perhaps a different perspective and a modest stake in the game.

Billions of dollars could be raised virtually over night if the government raised the tax on liquor and tobacco. Your booze is incredibly cheap and a 10% rise wouldn’t hurt much. Call it a sin-tax.

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Lafayette's avatar

By Lafayette, May 26, 2011 at 5:05 am Link to this comment

GREAT NEWS!

I am soooooo pleased to hear this news.

Not because it shows what a jerk Lead-head was as a PotUS - we all knew that fact. But because it underscores what he did to reimburse the cronies that paid for his election and how that idiotic largesse is a source of our present economic misery.

I’m also pleased as punch because I am able to reiterate what is becoming, I hope, a Fundamental Truth in the US.

Which is this: The source of all our present economic evils was the arrival of Reckless Ronnie who lowered drastically both Marginal Income and Capital Gains taxes - and the fact that Billy-boy did not raise them back to the levels necessary to sustain the National Debt, surfing on a transitory Asset-Appreciation boom ‘n bust wave.

Americans are wrong to think that high taxes are anathema. It is just the opposite. Higher taxes means we can afford to expect more to be done to better our lives. 

For instance, two key Public Services:
* A Public Option National Health System by which no one is made homeless for having a long-term illness and,
* Very Low-cost Postsecondary Education that leaves no child behind incarcerated in crime, delinquency and poverty.

For starters ...

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EmileZ's avatar

By EmileZ, May 26, 2011 at 4:44 am Link to this comment

@ Go Right Young Man

You’re full of beans.

Hahahahaha.

Please go fart somewhere else.

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By Jim Michie, May 26, 2011 at 4:14 am Link to this comment
(Unregistered commenter)

Did it really take a “study” to determine that George W. Bush, the worst president of all, caused the economic catastrophe in which we still find ourselves buried—with no end in sight!

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Go Right Young Man's avatar

By Go Right Young Man, May 26, 2011 at 2:58 am Link to this comment

The so-called “Bush Tax Cuts” was precisely the correct thing to do at a time of recession.  Those same tax cuts should have been rescinded after 2003 in order to cover the cost of two major battle fronts.

ITW can add to his list the United Nations estimated 50 Million lives President Bush saved on the continent of Africa with his Millennium Challenge Account and, the removal of Saddam Hussein from the world stage.

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EmileZ's avatar

By EmileZ, May 26, 2011 at 2:03 am Link to this comment

They are now Obama’s tax cuts and Obama’s wars.

He owns them.

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THX 1133's avatar

By THX 1133, May 25, 2011 at 11:27 pm Link to this comment

A bit late with what we already knew.
And, does it even matter? It’s difficult to imagine how
knowing this will matter tomorrow…

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By SteveL, May 25, 2011 at 8:58 pm Link to this comment

Historically even kings and dictators have raised taxes when they went to war.  But history is just another set of facts the Bush crowd liked to ignore.

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By Inherit The Wind, May 25, 2011 at 6:56 pm Link to this comment

Blackspeare:
I disagree. I think Bush would have been a miserable President even without the wars.  But since Bush was planning the Iraq War in December of 2000, before he was even inaugurated, at least one war was going to happen anyway. And it didn’t stop him from, true to form, always trying to put public $$$ in private hands.
He did it as Governor with the U of Tx endowment fund.
He did it with the tax surplus.
He did it with Medicare.
He tried to do it with SocSec (and foundered)
He did it with the bank bailout.

So…what GOOD things did Bush do?
He protected the Mariana Trench.
He kept the racist anti-immigrant crowd quiet.
He FINALLY cut Cheney off (after 6 years) and refused to pardon Libby.
He was the most decidedly UNracist Conservative Right-Winger I’ve ever seen.
He didn’t try to stay in office after Jan 20, 2009 (Cheney had proposed “postponing” the 2004 election, a coup by another name.).
He reminded us of just how GOOD a President “The Big Dog” was.

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By rodney, May 25, 2011 at 6:21 pm Link to this comment
(Unregistered commenter)

Tell us something we didn’t know. George Bush ruined this country. He and the rest of the thieves and war criminals should be in jail for the shit they did to this country. We may never recover. From the lies to start a war to no child of a millionaire left behind to tax breaks for the wealthy to a prescription plan written by the drug companies to the wall street calapse.  The fraud committed in the housing market and they are trying to blame it all on Obama. They have been trying to rewrite history since 9-11. The latest is that torture caught Bin Laden. 9-11 occurred while Bush was asleep at the wheel planning to invade Iraq.Everything else happened because Cheney made the decisions after 9-11.

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Blackspeare's avatar

By Blackspeare, May 25, 2011 at 5:58 pm Link to this comment

ITW….a simple but effective rationale.  But that is what
Republicans do.  Bush II was the first real republican president
since Coolidge——even Reagan was moderate by Bush standards. 
Actually, if it wasn’t for 9/11 and two wars, Bush would have
been a decent president.  But like you said——-watch out for
those rainy days.

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By Jimnp72, May 25, 2011 at 5:37 pm Link to this comment

and the shrub slumps about gibbering his stupid lies and rakes in big bucks for it. would you pay money to see this asshole speak!.
but I am being gentle=the purported man is a murderous war criminal who should be arrested at once for his
abuse of office and outright lying to avenge his daddy

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prisnersdilema's avatar

By prisnersdilema, May 25, 2011 at 4:29 pm Link to this comment

Of course W. Is to blame, but who has kept the wars going?

The Democratic party and president Obama.

People voted for Obama to end the wars.

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By rollzone, May 25, 2011 at 4:11 pm Link to this comment

hello. this is just the devious deceit getting us used
to the ONGOING WARS.

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By Inherit The Wind, May 25, 2011 at 1:41 pm Link to this comment

Surprise! What was blindingly obvious in 2001, but ignored in the rush to get TAX REDUCTION!!!! is now as finally determined by studious analysis…

Cutting taxes when you have a surplus ignores a basic premise: “Save money for a rainy day”.  Well, it never rained harder than on Sept 11, 2001, and Bush had not only spent the saved money, he had started borrowing.  I knew it then in the summer of 2001, I knew it 4 years later when we re-financed our house and the brokers tried every stinkin’ trick to get us an ARM, which we refused.  I knew it when my job vanished in the spring of 2009, and I know it now.

It’s as simple as “Save money for a rainy day”.  Break that dictum and THIS is where you end up.

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