Bush Deficit vs Obama Deficit
Washington Post has a graphic deficit comparison of the two budgets, and Heritage Foundation highlights some of the differences.
More on this from Karl Rove at the Wall Street Journal:
Last fiscal year, the deficit was $459 billion. For this fiscal year, it was $569 billion when Mr. Obama took office. Under his proposals, another $1.276 trillion will be added to the deficit this year, for a total of $1.845 trillion.
The CBO says deficits will fall for three years to $658 billion, still nearly 50% larger than any past deficit. After that, deficits go back up every year, reaching the trillion-dollar a year mark again in nine years. By 2019, the debt would reach 82.4% of GDP, a level not seen since 1947. With astonishing candor, even Peter Orszag, the president’s budget director conceded these levels of deficits and debt are “unsustainable.”
Update: Just in from Rasmussen :
Two-thirds of U.S. voters (66%) think President Obama is likely to raise taxes on people who [make] less than $250,000 per year. That figure includes 47% who say he is Very Likely to do so. [sic]
Also keep in mind that Obama’s Carbon tax is regressive: it will raise the price of energy for every person in the US, and it will raise the price or decrease the quality of every product in the US. [e.g. for the quality statement – when oil prices went up, Starbuck’s decreased the mil on the plastic cups they use, causing more “crush spills” when people grip them too tight.] Any rise in energy prices will also create rises in food prices since food production, transport, storage, and preparation are energy-intensive operations.
As Stephana points out in coments: we also have to factor in Congress’ actions over the past two years when Democrats were in control, they created the deficit ahead of this coming one. They are also now in process of breaking Obama’s campaign promises for him – yesterday the promised $400.00 tax credit went bye bye almost as quick as Social Security surpluses.
The only video that fits the zeitgeist:
h/t Little Green Footballs Spinoff links and to Lawhawk for the Rasmussen update