When Bush took office in 2001, the government had a projected $5.6 trillion, 10-year surplus, which would translate into at least $560 billion per year. By the end of 2002, the government had a deficit of $158 billion. This, in just about one year of being in office. At the end of his term in office, Bush leaves with a record $1.2 trillion budget deficit, most of it based on needless tax cuts for the rich, and starting two wars, one with maybe a real purpose, one completely for no reason.
Even as the last months are playing out, the Bush government came up with a $700 billion giveaway to more rich people, bailing out Wall Street, banks, lending institutions and the like, with absolutely no oversight (despite the pretend show of congress "mandating" oversight, but getting none). Let's try to keep into perspective the fact that when the banks that received some of this money were asked to identify how it was used, they declined to give any information. Taking taxpayer money, and refusing to account for it, all the while giving their CEO's large pay and other performance packages (despite said performance being of the kind that put this economy into the shitter in the first place) is just the tip of level of incompetence of the Bush Admnistration's financial policies.
Tax rebates don't help the economy. Tax cuts have not helped the economy. Giving out free taxpayer money to rich people/corporations has not helped the economy.
Obama was swept into office by a huge majority, and on a platform of change. Part of that change was to provide a stimulus that would affect the infrastructure of America. Now, all of a sudden, the party that's been in power for the past eight years, the party that put this country $1.2 trillion into debt with it's huge giveaways to corporate supporters and tax cuts for rich people, is pretending that they actually give a shit about the economy by being concerned about deficit spending! And what does Obama do? He caves.
On the heels of the Bush Administration's giveaway of $700 billion without any oversight, Obama's proposed stimulus package of $800 billion has now been whittled down to include almost 40% of it being more tax cuts!
Look, one does not have to be an economist to know that when taxes are cut, revenues to the government are also cut. We didn't get to the $1.2 trillion deficit by increasing taxes and stimulating the economy. We got there by a reckless president and his administration just throwing money away in every direction -- war profiteering by corporations with hands in government administration pockets, tax breaks for the wealthy, and just plain old bad management (like shipping over a boatload of cash to Iraq and then letting it simply "disappear" without a clue as to where it went).
The Republicans are the minority now, in the White House and in Congress. Why in the world would Obama seriously consider gutting his stimulus package by 40% in more giveaways by tax cuts? What change is that? What about his promise to America? Is Obama that stupid? I can't understand the motivation at all for him, and his advisers, to think that peppering his stimulus package with such stupid concessions to the minority party is going to be effective. When in the past eight years has any fucking tax cut benefited the general population of America? WHEN, damn it?
Not even in office, and Obama has already begun his backpeddling. By the looks of it, maybe taking it up the ass would be less painful. I need to burrow deep, hold onto my cash, and hope to God I make it through the next two years. I certainly have no faith that Obama is going to make a shred of difference to the economy of America.
Cross-posted at The Smirking Chimp, DailyKos and MyDD.