Capitol Hill Update: Bush's $70 billion first-2-year-deficit ('01 & '02) vs.Obama's $3 TRILLION first-2-year-deficit('09 & '10)

An astounding chart was published in yesterday's "The Washington Times."  The chart, devised by Barack Obama's Office of Management and Budget (OMB) showed the federal budget surpluses (2000 and 2001) and the budget deficits each year since then and up to the year 2019, 18 straight years of budget deficits.   

When you add the chart budget amounts for the first two years of the Bush 43 administration and compare the estimated amounts (in the OMB's chart) for the first two years of the Obama administration, the results are eye-popping.  In 2001, George W. Bush's first year, there was a budget surplus of over $100 billion and in 2002, the budget deficit was about $170 billion according to the OMB chart.   

The dramatic turn-around was the fact that Bush gave Americans that year the largest tax cut in American history and he had to respond militarily to the 9-11 disaster.  As a result of both of these factors, government revenues decreased.   

During the last few days, the OMB projected the deficits in Obama's first two years to be about $1.5 TRILLION each year for a total Obama deficit of $3 TRILLION during his first two years.  On the other hand, the total deficit for Bush 43's first two years is a paltry $70 BILLION (bad enough, but astoundingly low compared to Obama's budget-busting budgets.)   

Yes, of course, the blame for one-half of Obama's first year's deficit can be put at the feet of Bush due to last year's financial crisis.  However, Obama has done nothing to stop the monstrous increase in deficits for the foreseeable future.  As his chief of staff  --  the former big-spending Congressman from politically-corrupt Chicago  --  Rahm Emanuel said, "We can't let a crisis go to waste."    

Thus, showing the incredibly dramatic difference between Bush's and Obama's deficits in their first two years is completely justified.  And the American people are completely reasonable in being angry  --  as shown in this month's town hall meetings  --   at the $9 TRILLION of deficits projected by the Obama administration and his attempting to ram through even more deficit increases in the form of Obamacare, etc. during the next ten years.  

"The Washington Times" reported that for the 2010-2019 period, cumulative budget deficits are expected to exceed $9 TRILLION, averaging more than $900 billion per year.  That's nearly double the $459 billion budget deficit recorded in fiscal 2008 (Bush's last year in office), which set the previous record before fiscal year 2009.  

The $9 TRILLION cumulative Obama deficits over 10 years is about $2 TRILLION higher than what the Obama administration had previously projected in February and in May.  That is why the Obama administration came out with this mind-blowing news late Friday afternoon, too late for the major television news broadcasts and too late for most deadlines of a lot of newspapers, and when most Americans don't pay attention to the news on weekends.   

It is time for Barack Obama to abandon all of his major spending programs such as Obamacare, his universal health care plan with the government option.  Considering that both the Congressional Budget Office (CBO) and the OMB estimated that the Obama's unemployment rate will be an astounding 10% average next year, it would be wise for Obama to keep President Bush's tax cuts in place so that businesses can begin expansion and hiring once again.  However, don't hold your breath waiting for that to happen in this virulently anti-capitalist administration.

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