NYT: how US surplus became colossal deficit

[cd27]

Interesting article from the New York Times

How US surplus became colossal deficit

NYT: How the U.S. surplus became a deficit - The New York Times- msnbc.com

Business cycle, Bush policies linked to most of federal government's deficits



While Bush exploded the deficit with reckless expansion of government (socialism), Obama must surely take blame for even further massive expansion of borrowing and spending?

[atlantic]

Obammy will drive the US to the floor,he is on the divide and conquer path, envy driven populism .Look at what he did with GM a private company that got billions in taxpayers money ,he handed it over to the UAW because they where his biggest campaign contributor .Look at his appointments half of them are exbankster,he's up to his eye in wallstreet gangsters.
Transparency myarse

[Clanrickard]

,he handed it over to the UAW because they where his biggest campaign contributor

Rubbish. The Unions got shafted because their pensions have gone up in smoke as have their health benefits, UAW get a share of the company but it is a sop to make it look like they care. The banks once again have come up trumps.

[atlantic]

So did most of the US private pensions,whats so special about UAW.

Rubbish. The Unions got shafted because their pensions have gone up in smoke as have their health benefits, UAW get a share of the company but it is a sop to make it look like they care. The banks once again have come up trumps.

[macdarawhitfield]

Me arse.Reckless expansion of borrowing to pay for military spending,mostly private contractors at that.

[Clanrickard]

So did most of the US private pensions,whats so special about UAW.

Nothing. They got 20% of a worthless company. I'd say they aren't feeling especially "special" at the moment.

[Sensible Head]

The banks over there are on a rape and pillage, worse than Ireland.

[cd27]

Me arse.Reckless expansion of borrowing to pay for military spending,mostly private contractors at that.

and who pays for that?

[cd27]

"Judd Gregg recently held up a chart on the Senate floor showing that Mr. Obama would increase the deficit — but failed to mention that much of the increase stemmed from extending Bush policies. In fact, unlike Mr. Obama, Republicans favor extending all the Bush tax cuts, which will send the deficit higher.

Republican leaders in the House, meanwhile, announced a plan last week to cut spending by $75 billion a year. But they made specific suggestions adding up to meager $5 billion. The remaining $70 billion was left vague. “The G.O.P. is not serious about cutting down spending,” the conservative Cato Institute concluded.

What, then, will happen?

“Things will get worse gradually,” Mr. Auerbach predicts, “unless they get worse quickly.” Either a solution will be put off, or foreign lenders, spooked by the rising debt, will send interest rates higher and create a crisis. "

[cd27]

"The solution, though, is no mystery. It will involve some combination of tax increases and spending cuts. And it won’t be limited to pay-as-you-go rules, tax increases on somebody else, or a crackdown on waste, fraud and abuse. Your taxes will probably go up, and some government programs you favor will become less generous.

That is the legacy of our trillion-dollar deficits. Erasing them will be one of the great political issues of the coming decade".

sound familiar?