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George Bush- Financial Genius or Classic Dunderhead?

October 12th, 2006 | by Ken Grandlund |

Yesterday, on the heels of news that the U.S. federal budget deficit was the smallest in four years, President Bush praised his policies for our economic bliss and tried to convince voters that his plans have worked.

This is likely the same kind of praise he used to give Harken Energy, his one time oil company that couldn’t find oil, right before he dumped all of his stock in the company.

But what is so great about a federal budget that is nearly $250 Billion in the red? Since when is massive debt something to get excited about?

It is important for people to understand a few things about Bush’s fantastic deficit: (1) these numbers do NOT include the off-the-books costs of the War in Iraq; (2) these numbers do NOT reflect the fact that initial deficit projections were inflated by the White House, making the current deficit ‘reduction’ cut not by half, but rather by a quarter; (3) these numbers do NOT reflect the continued off-budget borrowing from Social Security into the federal budget to make up shortfalls.

So what do these numbers really tell us? Certainly not that the federal government is doing a great job with our tax revenue. In fact, under this president, a budget surplus has disappeared to be replaced with record federal deficits, federal spending has been rampant and out of control, and federal tax cuts have only helped the wealthiest among us.

And what about today’s record trade deficit report? America’s trade deficit has hit an all time high with our deficit with China breaking records too. How can this be good news for the economy?

President Bush has proved time and again that he is no economic genius. But only a classic dunderhead could look at these numbers and get all giddy inside.

[tag]U.S. Deficit, Bush, economy, trade deficit[/tag]

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  1. 12 Responses to “George Bush- Financial Genius or Classic Dunderhead?”

  2. By Kathy on Oct 12, 2006 | Reply

    Great post.  The Bush administration tries to convince us his tax cuts are helping too, when in reality they only benefit the very rich.  

  3. By liberpublican on Oct 12, 2006 | Reply

    A nice display of economic ignorance. As a percentage of the economy the deficit is at a historically low level. The tax cuts have stimulated the economy and increased tax revenues from the very rich that supposedly have benefitted the most. The truth is that the rich are paying more tax dollars than ever before because they are making more as is nearly everyone else in this country. Our standard of living is continually rising and it surpasses everyone elses on the planet. Maybe that is why they are so mad at us, simple jealousy. Classic dunderhead? sounds more like Ted Kennedy to me.

  4. By liberpublican on Oct 12, 2006 | Reply

    A nice example of economic ignorance. The tax cuts invigorated the economy just as they always have. There is nothing fantastic about this deficit. As a percentage of the economy it is at a historically low point. The truth is that the “rich” people are making more money and paying more in taxes than ever before while almost 50% of the population pays almost no income tax. The best example of a classic dunderhead is senator kennedy, the drunken fool.

  5. By Paul Watson The Cranky Brit on Oct 12, 2006 | Reply

    liberpublican,

    Is that why the median wage has fallen? Because so many people are making so much more money? 

  6. By ken grandlund on Oct 12, 2006 | Reply

    sorry liberpublican but you seem to be gettign your info from the right wing news sources. Wages have remained stagnant for several years and when compared with inflation, studies and anecdotal experiences show that the average family has less buying power now than they did in the late 90’s.

    the tax cuts for the rich do not trickle down to the middle or lower classes either, at least not in the way the republican party would have you believe. if they did then maybe the personal economics of so many Americans wouldn’t be so dismal.

    as a percentage of GDP, the deficit should be low, around 1-2% at best. but deficit spending is bad, not good, especially when so much spending is off the books or borrowed from other funds.

     

  7. By 4Truth on Oct 12, 2006 | Reply

    iberpublican- The truth is that the “rich” people are making more money and paying more in taxes than ever before while almost 50% of the population pays almost no income tax.

    That is a Dufass2 answer, almost 1.
     

  8. By liberpublican on Oct 12, 2006 | Reply

    sorry, I got an error message on my first post. I thought that it did not post.

  9. By 4Truth on Oct 12, 2006 | Reply

    GWB wants an Estate Tax CUT for estates over $2 Million. That is A GWB tax CUT.

  10. By liberpublican on Oct 12, 2006 | Reply

    Sorry, but it seems that your information is left wing moonbattery. Wages are beginning the upward cycle they normally do after a period of corporate profit. We will see over the next few years a rise in wages due to the low unemployment rate. Yes, median income had a short peak in the late nineties which was due to the tech bubble which was unsustainable and had collapsed by the time bush took office. The markets and the economy are the largest in history and we are all better off for it. As for dismal personal economics most americans have absolutely no concept of dismal. The poor in this country have more than any other nation on earth. Bigger homes,cars, air conditioning, tv’s etc. By the way money most definitely trickles down, to all the tradesmen and shopkeepers and factory workers in the land as the “rich” keep spending the rest of us get work and sell goods that keep our own homes warm and our families fed. More citizens own homes ands have 401k’s than ever before. This is the reality, America is the richest nation and we can be proud.

  11. By 4Truth on Oct 12, 2006 | Reply

    liberpublican Says : - By the way money most definitely trickles down, to all the tradesmen and shopkeepers and factory workers in the land as the “rich” keep spending the rest of us get work

    A Dufass1 economic answer. CEO’s take home $100 Million or more - Nobody can spend enough of that money to trickle down. It trickles to the private Jet & GWB $100,000 dinners. Ther are NO MORE PENSIONS. How much did the Corp.’s save on that. Medical costs are sky high & going Up.  That is truley a Dufass answer.

  12. By gcblues costa rica on Oct 13, 2006 | Reply

    fergit liberepub. these are class warriors. they are sick with envy because no one wants them or their pathetic skills. they think the reason they do not have what they want is because the rich have their money. its sick. its irrational.  there is no reasoning with them. their goal is to complete the change over of the usa into a socialist state. period. reason is not part of their deal. they sift all info into preconceived notions about class. pretty sad. median income, what a hoot. open your eyes. look around. the usa is rich and full of opportunity.

    damned funny how illegals and legals, uneducated, without benefits can come to the usa and in a genration become rich …. and these pathetic leftys think the successful owe them an unearned living and  they think americans have it soooo bad.  poor babys

     

  13. By manapp on Oct 13, 2006 | Reply

    You cannot argue with the fact that when Reagan in the 80’s cut the marginal tax rates, tax revenue to the feds went up. Again with the Bush tax cuts, revenue increased. This increase in revenue has cut the deficit in half three years before projection. These are facts. You can argue that the revenues would have increased without the tax cuts and would have cut even more off of the deficit, however this would only be speculation as one can not know what happens on the road not traveled.

    As far as trickle down, living in a resort area that caters to the rich (Vail CO) we definitly benefit from trickle down. The rich build high end large homes here which give all of us in the trades a very good living. The vacation crowd gives all in the hotel and resturant a very good living. If the rich spend more, we make more.

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