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10 Answers
- ?Lv 41 decade agoFavorite Answer
Bush's deficit spending was a little over $400 billion in 2008, which is outrageous. Obama's deficit spending will run over $1.85 TRILLION in 2009!
They'll keep on blaming Bush, but they are blind not to see how Obama is RUINING our country!
- ?Lv 51 decade ago
There are many reasons for our current crisis that all have little to do with the administrations of the present and the past. Economies rise and fall like tides. Blaming the administration who's working to get us out of the crisis isn't the best way to help. I didn't do it during Bush, Clinton, nor will I during Obama. There may be mistakes that are made but it wasn't the Democrats or Republicans who put us into debt. Society is just built in such a way that this occurs. Think of it like a building swaying in the wind, it is built to sway.
- Anonymous1 decade ago
Shirley, welcome back! I guess you missed the previous 8 years, huh? Let me fill you in...after a DEM President, Clinton, balanced the budget and created a surplus to help pay down the HUGE deficits that GOP Presidents Reagan and Bush I created, GHW Bush's kid (Bush II) stole the election through use of a Conervative Supreme Court ruling when it appeared he'd lose the election (he did lose the popular vote, too) he decided to give the wealthy tax cuts instead of paying down the deficit...then, on 9/11, some crazy terrorists crashed some planes into the World Trade Center and the Pentagon so Bush II decided to invade the country where these guys were, Afghanistan. everybody thought that was great! But then, he abused that sentiment and lied about Iraq's involvement in this attack so he could out-do what his daddy did, invade Iraq. So, we did...and over the course of his Presidency, trillions of dollars went to pay for these two war, one justified (Afghanistan) and one not (Iraq). As the country continued to mount massive deficits again, the economy then dealt him a decisive blow. After years of ignoring how credit markets and real estate market securities should have been regulated, the bubble finally burst and the economy tanked to the point where we almost got into another Great Depression. So, this President decides to use taxpayer money to bail out his buddies in the financial world first, by giving AIG (the world's largest insurer) trillions of dollars, then proposes a hundred billion dollar bailout of the banks (called TARP). well, needless to say it was all a HUGE mess but the American people were wise enough to vote a Democrat back into the Whitre House to clean up the mess this little wanna-be President made. So far, its cleaning up OK but we're not done yet!
- 1 decade ago
The debt is now up to over 11 trillion dollars, making each citizen of America a holder of over $38,000 each. To make things worse we have a President now who doesn't give a crap. It will only get worse within these 4 years of his term.
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- 1 decade ago
There is always recovery. That's what makes the government different from regular people. They can always print more money. China owns most of our debt anyway, they are the ones that will have to pay for it if we default.
- Anonymous1 decade ago
no....the sky is not falling.