Saturday, January 16, 2010

What Caused America's $1.4 trillion deficit and $12.3 trillion debt?

#1 Google or bing "Cost of Bush Tax Cuts" for 2001 through the end of 2010, and you'll find the figure of $1.9 trillion dollars.

#2 Google or bing "Cost of the Iraq War" and you'll find an expected total direct cost to U.S. taxpayers of $1 trillion dollars and a total cost to the economy of $3 trillion dollars.

#3 Then there was the loss of revenue associated with the financial crisis---which cost close to $5 trillion dollars for various bail-outs to avert collapse and a further $ 1trillion dollars for the economic stimulus package necessitated by the recession.

#4 But don't forget that the real villain is all those liberal "entitlement" programs, like President Obama's health care reforms, whch could, according to the Congressional Budget Office, offer a decrease in the deficit of $132 billion over the first decade, and a decrease of $1 trillion or more in the decade 2020-2029. Blame President Obama for that.

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