Friday, January 04, 2013

About the "Bush started it' meme on Budget Deficits'

Saying the current debt and budget deficits were started by Bush is misleading at the least - and a gross lie at the worst case, which is the belief of most progressives.
Note the early Bush years were affected by the bursting of the Tech Bubble, losing a lot of revenue from capital gains, when investors wrote off losses.  And shortly thereafter by 9/11 which punched the economy in the gut for well over one month and some sectors took years to recover.

via Instapundit

Read the whole post, it's important!
Yeah.. there's a problem.  The financial collapse into recession isn't mentioned at all. And that was going to happen no matter who was in power.
The MAIN problem was TARP / Junk mortgage crash. Which is directly traceable to Clinton's CRA 99 and Barney Frank and Friends. And because many or most Republicans were complicit, you have to write off the initial crunch.
After TARP is when the party differentiation occurred,  once we panicked and threw a bunch of money at it, then instead of fixing the obvious problem by letting banks and finance crash, just threw more money at them. And hired whoever got fired, or lost a sweet gig at a defunct bank, into guv'mint slots.
And look at the mortgage market today!  Only difference is that it's harder than hell to get  that essentially 'free of interest' loan.

But the MAIN fix up to 2007 was jobs.. go back and look at 2001-2010 Unemployment Rates and overlay those revenue figures, above. Until TARP wrecked everything we were doing pretty well at recovering from the tech bubble and 9/11 .. 

Figure courtesy Washington Post: 

The key to revenue is and always has been a healthy private sector economy leading to growth and prosperity.
We are nowhere near solving the problem by adding taxes back on.. but the real start would be for the private sector to just have a good idea what their tax liabilities WILL be in a few years.
That's not likely.  And there's no indication, other than a few obligatory words, that the present administration cares about creating private sector jobs.

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