Sunday, October 30, 2011

Bad policies create a scary economy

HT: Power Line

13 comments:

John said...

"When you look at this final agreement that we came to with the white House, I got 98 percent of what I wanted. I'm pretty happy." - John Boehner

Maybe "Boehnernomics" would be more accurate.

Bill said...

John: Are you talking about the temporary budget deal? Are you really comparing this one time temporary funding measure to Obama's reckless spending and huge increases in regulations and taxes?

Benjamin said...

I am not a fan of Obama.

Still, after eight years of Bush jr. we had a collapsed financial system, bankrupt auto companies, chronic federal red ink, GDP decreasing at a 10 percent annual rate, and a stock market lower than when Bush jr. took office. We had two unfinished wars, neither of which looks to be "winning" efforts. but which will cost $4 trillion.

Ethanol boomed, however. Subsidized and mandated ethanol.

There must be another party I can vote for.

We also need to deregulate and de-license the law profession. Where is free enterprise when you need it?

Dr William J McKibbin said...

The citizenry has a choice between "big business" Republicans or "big government" Democrats -- I have no use for either -- I call myself a Libertarian for these reasons...

PS: Learn more at:

http://www.lp.org/

Frozen in the North said...

@Bill

What reckless spending?
What increase in regulation?
and the kicker

What increase in taxes?

Public Library said...

If you take Reagan, Bush Sr, and Bush Jr, you get most of the $14T in debt so I am assuming Scott is referring to those guys.

Reagan, SR/Jr = $9,462B
Obama = $1,653 through 2010

http://en.wikipedia.org/wiki/National_debt_by_U.S._presidential_terms

Hans said...

PL, BO has added more than 4 trillion in debt...

Your number is seriously in error...

John said...

Tomorrow's November 1 and the news of the next month will be dominated the supercommittee. Cantor, Boehner and McConnell will be all over the television along with Kudlow, Gingrich, and Moore. It will be very frustrating. Probably a good time to pull our chips off the table and go for a sandwhich.

Scott Grannis said...

Public: normally I find wikipedia to be pretty accurate, but the page you refer to is indeed seriously in error. For example, the total deficit accumulated since Obama took office in Jan. '09, through Sep. '11, is $3.615 trillion. Through today, it is approximately $3.725 trillion.

The federal government's current outstanding debt owed to the public is $10.206 trillion.

Under Obama's watch, the federal deficit has increased by 57%, from $6.481 trillion to $10.206 trillion.

Bob said...

Benjamin,

I'm not a fan of Bush jr. all that much, but:

We had a collapsed financial system due to the policies of not all, but largely democratic policies regarding home ownership.

In fact the deficit was shrinking and down to just over 200million and was projected to be positive within 2 years before the mortgage debacle unwound.

The U.S. Gov't enjoyed to largest tax receipts for some 36 months in the history of the country.

The wars are a subject of their own. Your position on U.S. militarism is well established on this forum.

I agree with you about derejulating and de-licensing the law profession. That industry has a stranglehold on free enterprise.

John said...

@Bob
The 2004-2005 re-jiggering of Freddie and Fannie's conforming requirements made the situration much worse. Bush went around bragging about the highest percentage of Americans "owning" their homes.

Bob said...

John,

As I said, not the greatest fan of Bush II, well either one for that matter.

But Bush did warn, on more than one occasion, of the impending disaster looming because of lack regulatory oversight of Fannie and Freddie. As did Treasury Sec. Snow and others in his administration.

This fact is largely glossed over by the biased main stream media.

Fulano said...

I have never liked Obama and his economic policies!

What's really scary is that if the GOP does not get serious, and become unified in selecting the right GOP candidate to tumble Obama in the 2012 elections, we may have another 4 years (and its negative economic effects on the nation) of more Obamanomics.

Now, that is really scary ...