Bloomberg: US Debt To Overtake GDP In 2012

The Daily Reckoning ^ | 6-6-2010 | Rocky Vega

[lonestar67]

It really is absurd how the Bush reactionaries on the Left and the Right try to pretend that Bush spending and Obama spending are the same.

You know full well that this is untrue.

The Bush spending in things like Prescription drugs Part D or NCLB are miniscule compared to the radical total funding of Universal Health care or even Bailout 2 under Obama. The spending is exponentially worse at every level.

The Bush deficits were designed to create a long term condition where the economy could and would outgrow fiscal spending. Prior to the Democrats being given Congression in 2007 and the White House in 2009 by Bush reactionaries, the deficit was forecast to go to zero by 2009. Democrats engineered the Housing crisis and now have passed finance reform with increased inducements to Fannie Mae and Freddie Mac to further thrash the housing market.

Bush spent less than half of TARP 1 and all of those funds have been paid back with interest— because Bush really was fiscally conservative despite all the naysaying on these boards. None of the TARP 2 has been paid back. There will never be any paid back and there certainly wont be interest paid back.

Why can we not have thoughtful conversations on these boards about Bush v. Obama without the obnoxious broad brush of Bush=Obama being played to pander to ignorant independents and reactionary libertarians.

Huge percentages of Bush spending were justifiable related to domestic and international security to prevent a repeat of 911— which guess what?

Worked.

I know Ron Paul knows better and can save us lots of defense spending but no thanks. I would rather fight the anti american bigots over seas.

[Red6]

Ever hear of: Damned if you do, damned if you don’t?

Imagine if Bush had come out in 2004 and asked for a “war tax?” How about 2005? 2006?.......... What would Kerry have done in 2004?

Americans are very pro-defense, until it hits them in the pocket-book. That was true even in the cold war, where opposition politicians talked about the excessive defense spending...... Do you think a liberal Congress in 2006 and thereafter would have supported such a tax? After all, these were folks advocating cutting off funding immediately to force an end of the war!

Bush was handed bills loaded with crap he had to sign if he was going to keep the war going. The Democrats had the administration in that respect by the balls. The US House of Representatives (Which controls spending) was Democrat and if Bush was going to fund the war, he will ONLY do so by signing off on all sorts of social experiments and special pork projects that were all wrapped up in the defense appropriations and supplementals etc. What is he going to do? Veto.....reallly? Unless they asked for concubines, a 1 million dollar bonus, and 747s for each of them, they would get whatever they want because they “own him,” through the power of the purse.

When you have to have something in a real bad way, you pay a real bad price, like at a car dealership. Bush needed what they controlled in a real bad way and like the car dealer that knows he has a sucker, they knew that Bush was committed and couldn’t backpedal on the war. So they pushed and squeezed out of him all they could. “They had leverage.” -IMHO

[Steelers6]

At the rate we are going will be at $14 Trillion in debt by the end of this year. So I think it will be early next year when this happens, not 2012.