July 28, 2008

Gee, what a shock (not). Bush & Co blow a hole in the US deficit, with a record $570 billion in red ink (and counting) planned for 2009


Your children, and their children, and their children, and their children, and their children will hate you.

Not only is this hemorrhaging of red ink disgusting and stupid, it's immoral.

Shame on George W. Bush.

Shame of Nancy Pelosi.

Shame on Harry Reid.

And shame on the American voter who put these idiots into office, and didn't demand accountability from their public officials.

Enjoy the $5 a gallon gas. Enjoy the $5 gallons of milk. Enjoy the job losses. Enjoy the soaring health care costs. Enjoy the loss of your state and local services. Enjoy the decay in our infrastructure. Enjoy the destruction of the US dollar.

Get ready for some drastic changes folks. As Obama will find out soon, we're broke. We're $53 trillion in debt, and counting. We've lost our manufacturing base. We don't save. We over-consume based on debt. We act as the world's policeman. And these imbalances can't continue.

Administration official: 2008 deficit will approach $490 billion

WASHINGTON (AP) -- The next president will inherit a record budget deficit approaching $490 billion, a Bush administration official said Monday.

The official said the deficit was being driven to an all-time high by the sagging economy and the stimulus payments being made to 130 million households in an effort to keep the country from falling into a deep recession. A deficit approaching $490 billion would easily surpass the record deficit of $413 billion set in 2004.

The administration official spoke on condition of anonymity because the new estimate had not been formally released. Administration officials were scheduled to do that at a news conference later Monday.

The new figure actually underestimates the deficit, since it leaves out about $80 billion in war costs. In a break from tradition -- and in violation of new mandates from Congress -- the White House did not include its full estimate of war costs.

42 comments:

Devestment said...

When the housing bill passes, will all housing be considered “government housing”???

bitterrenter said...

Oh SCREW YOU! How can you even begin to blame Pelosi or Reid??

God damn I hate you republicans. Take some f*cking responsibility for your support of tax cuts and neglecting the treasury. You think you're being fair lumping the parties together for blame? Idiot.

The blame for the economic ills in this country are laid squarely at the feet of CONSERVATISM and REPUBLICANS. All the propaganda in the world won't change that.

keith said...

The president can't spend a dime, or lower anyone's tax.

Nope. Only the congress can do that.

This mess stars with Bush and ends with Pelosi and Reid.

F*ck the Republicans. F*ck the Democrats. They both just f*cked America.

FankGawd said...

Basically, The USA is now a poor country, just like many around the world. People should get used to living with less, and get used to it, the USA as "richest" number one superpower is history.

bitterrenter said...

PS. Another conservative nutjob opened fire on unarmed people, this time in a church. Seems the ignorant piece of human garbage was angry at liberals.

If I was a democratic leader I would hold a press conference on every media outlet whipping people into a frenzy of HATE against the conservatives and urge them to assist a widespread effort to round up conservatives and put them in work camps in the desert. I would create the same kind of fear and loathing for conservatives that they do for everyone else by using this tragic act of anti-liberal violence to convince people of what violent savages conservatives are and why we need to sterilize their young and kill their genetics.

bitterrenter said...

The tax cuts that led to the deficit were in the REPUBLICAN PRESIDENT'S budget and rubber stamped by the REPUBLICAN CONGRESS.

It starts and ends with ignorant piece of shit conservatives who need to be round up and gassed to HELL. That or I hope they all get cancer and f*cking DIE.

Amtex said...

To be fair to the Democrats, it takes a bigger majority than they have to get anything done. With Bush holding veto power and no super majority in Congress, the Republicans still run things.

Anonymous said...

"And shame on the American voter who put these idiots into office, and didn't demand accountability from their public officials."

I didn't vote for any of them. Damn their Libertarian souls.

Anonymous said...

The price of gas dropped 20¢ here last week. Since the government is printing money like crazy, I would assume that it is not deflation.

Just evil speculators bailing out?

Anonymous said...

Add in another trillion for the housing bailouts

Anonymous said...

Since the Fed is a private entity, why do we just not say, "Hey, we're not paying you, and by the way, we're coining our own money from now on?"

I mean, is this not the same as any other situation wherein "if you owe the bank 100 bucks, it's your problem, but if you owe the banks 10 million, it's their problem?"

As a country, I say we just mail in the keys and start over. It's not like it wasn't fraud since 1913.

Anonymous said...

The average Americano still has no idea that any of this is happening.

We're freaking doomed. A society of dumbasses and uneducated morons have no hope of recovering from this mess.

area 51 said...

My children won't hate me, cuz we'll all just go ex-pat and move our money to the next-best country.

Mark in Philly said...

FYI - The President of the USA controls ZERO dollars of federal spending (he can only sign or veto what is sent to him).

By the US Constitution, all appropriation bills must originate in the US House...

Mark in Philly said...

If I was a democratic leader I would hold a press conference on every media outlet whipping people into a frenzy of HATE against the conservatives and urge them to assist a widespread effort to round up conservatives and put them in work camps in the desert. I would create the same kind of fear and loathing for conservatives that they do for everyone else by using this tragic act of anti-liberal violence to convince people of what violent savages conservatives are and why we need to sterilize their young and kill their genetics.



And remember, NAZI is slang for the National Socialist Workers Party of Germany.

One problem with your Nazi wet dream - conservatives tend to support and practice the right to keep and bear arms. Liberals (socialists by any other name) tend to ban guns and avoid even looking at them (as guns are icky pooh).

So who is going to do your dirty work against an armed segment of the population?

And PS – the vast majority of the army and marines are die hard conservatives.

Anonymous said...

you are making the automatic assumption that there is intent to repay this money.

I'm not a betting man myself but if I were I would say that there is little to no intention of ever repaying. Other countries have defaulted on their bond payments in the past and there will be more to default in the future. I think it a bit whimsical to believe that the U.S. will never make it to that list...

When you owe the bank a million, you don't sleep well at night but when you owe the bank a billion, the banker doesn't sleep well at night. Replace the word "you" with "U.S." and the words "bank" and "banker" with "other world governments" and you get the picture.

Smug Bastard

in the meantime UBS

tangelo mozilo said...

But destruction of the dollar is good for America because it makes our goods more competitive overseas . . . Hank Paulson and Mike Norman said so.

"Made in the U.S.A." will be the new "made in Tiawan." I can't wait!

gregoryw said...

Don't forget the stolen social security money from that fiscal year isn't counted in the deficit. Neither are supplemental spending bills.

Lost Cause said...

Republican represent change.

It is the stuff that jingles in your pockets that you are left with after you give them all of your money.

i've had it said...

First off - Congress has the power of the purse. They are the ones who originate bills of expenditure. While the Executive branch submits a "budget", Congress doesn't even have to read it if it doesn't want to. There is no constitutional provision for the Executive branch to be involved in setting the federal budget. Unfortunately, Congress passed a law in the beginning part of the 20the century - an unconstitutional law at that - that said the executive branch had to file a yearly budget. The only reason it did this is so it could deflect spending issues onto the executive branch. Again: there is no constitutional provision for the executive branch to be involved in generating bills of expenditure or for creating a budget for the federal government: NONE. Congress engaged in a cowardly, and illegal, act by passing this law. I am surprised SCOTUS has not ruled it unconstitutional.

As for this current situation, with a half trillion dollar projected deficit projected for 2009, the Repubs and Dems are equally to blame. While Pelosi and company are ripping Bush for the projected deficit, they are also clamoring for another $50 billion stimulus package, on top of the one they pushed through the Democrat-controlled Congress for $168 billion.

The Dems are hypocrites. But what else is new.

Alas, my personal feeling on these deficits is that this is what the American people want. If they didn't, they'd call their congressmen and tell them so.

Things will change only when we have a crisis. We are not there yet. And when it comes...and boy will it come...it'll be too late.

Anonymous said...

Remember now this does not include the Iraq costs either....Congress mandated that this was to include the cost of Iraq and Afghanistan...the white house reneged and said no comment.....add 80 billion to the tab folks. hi ho hi ho its off to work we go to pay for this shit!!!!

Anonymous said...

Just wait until Obama gets in. $570B will be nothing!

Lost Cause said...

The feds flood the US with dollars during an election year. A republican tradition.

Andrew Hac said...

Quote:
#####
The president can't spend a dime, or lower anyone's tax.

Nope. Only the congress can do that.

This mess stars with Bush and ends with Pelosi and Reid.

F*ck the Republicans. F*ck the Democrats. They both just f*cked America.
#####

Maybe it should be phrased in one sentence: THE AMERICANO JUST F*CK THE AMRICANO TO DEATH. Damn, this Snapper Turtle nation is starting to look like a slaughter house. One pig here, one dying dog over there, a bleeding cow at the corner, etc...

The land of the Americano is slowly decaying away like a putrid carcass of a rotten whale washing up on a crowded beach for all the world eyes to see, view, commentate on the state of the once almighty nation, the land of the Snapper Turtle.

Who can we blame on this retro-deed except ourselves ? The mentality of the current Americano is just amazing if not stupefying. Empty of feeling, duty, obligation, morality, honor, sense of self-worthiness, the only way to go for the Americano is to be roasted slowly skewered from mouth to ass on a green Chinese bamboo stick, all sizzling nicely, fat popping, juices dripping over a bed of white hot charcoal.

A nation with most of its dwellers obese, fat, diabetic, and plain ugly like a chimpanzee. An excellent display of this specimen is "BORKAFATTY" AKA The Pig.

Such is the fate of the fat-ass Americano. What a lowdown stinky shame for such a great nation once !

George Washington must be feeling real sad in his tomb by now !

happyrenter said...

@bitterrenter

Chill out bro! Take another toke from the communal bong and relax. St. Barry's going to make it all better, right?

Hypocrites like you are part of the problem, as are frauds like Bush and anybody remotely resembling Fairy Reid or Mancy Fellowsi in policy. It's going to get a lot worse, especially if the Annointed one and his Obamanations get in Washington with nobody calling BS on them. But only for four years or so before America has a WTF moment and realizes that Socialism and wealth transferrance is bad policy.

...,If I was a democratic leader I would hold a press conference on every media outlet whipping people into a frenzy of HATE against the conservatives and urge them to assist a widespread effort to round up conservatives and put them in work camps in the desert. I would create the same kind of fear and loathing for conservatives that they do for everyone else by using this tragic act of anti-liberal violence to convince people of what violent savages conservatives are and why we need to sterilize their young and kill their genetics.

Anonymous said...

You leftwing idiots still don't understand the Constitution. All spending bill originate in the House of Representatives. The President doesn't have the authority to spend a dime. It doesn't matter if he has veto power or not. Not a dime can be spent unless the Democrats in Congress vote for it. They voted for more spending in Iraq and for the Wall Street bailout. I bet your masters didn't explain that in your daily talking points memo.

Anonymous said...

How have we lost our manufacturing base?

"America is the world’s largest manufacturer, and exports are an important part of our manufacturing strength. Exports currently support millions of jobs across the country as currently one in every five American factory jobs depends on exports. The recent increases in exports have offset other downturns for manufacturers across the United States."

In 2006, "Standing by itself, U.S. manufacturing would be the eighth largest economy in the world."

Have things gone to pot in 2 years? I don't think so. I smell the funk of regurgitated propaganda without basic fact checking.

Educate yourself! www.nam.org

k.w. - Southern Ca. said...

What's even worse is none of this helps renters, house debters or home owners - only Fanny Mae and Freddie Mac.

Along with ever-sinking housing prices, the dollar is being deflated more-and-more.

Why else do you think Fannie and Freddie pay so much for lobbying up on capital hill?

The table is rigged folks - and it's now put in clear view for all tax-paying citizens to see.

Peter Schiff is correct when he states the bail-out will only make matters far worse.

8 year string of unbroken mistakes... said...

Typical Government Bail Out Recipient:
----------------------------------
taken from local San Jose daily newspaper announcing the Bushco-Cheneyburton PaulsenSachs latest Riches-to-Rags program:

to wit,


"I bought a house in January 2001 for $225,000 with no money down. I got an ARM mortgage at 6.00%.

The following January 2002, I refinanced the loan with a new ARM at 5.40%, the appraisal was for $265,000.

The following January 2003, I refinanced again with the same broker at 4.25% and got cash back a settlement of $65,000 because the house appraised for $325,000.

In July 2004 the broker approached me and said my house was worth about$365,000 so he could give me cash-out of $35,000 at a new ARM rate of 4.00%.

Two years later, in July 2006 the broker called me and said she had a new product called an Option ARM and because the house was now worth $400,000 she could give me another $35,000 cash back and I would have a payment with a starting rate of 1.5% .

In January 2008 the mortgage company contacted me and said that my mortgage balance had grown to $414,000 and because it was 115% of the original mortgage amount that I would have to start making payment at the actual ARM rate of 7.25% and that I would have to make the full payment.

Well hell, there is no way I can afford a payment like that so I went to the broker and asked her to do another refinance for me. She said that I couldn’t because my credit was so bad, I missed a few mortgage payments and was 60 to 90 days late on most of my credit cards; so what’s new? She also said that my property was worth $325,000 at most because every other home in my community was in foreclosure.

Now I hear about this thing that the government and the fine gentleman Mr. Barney Frank is bringing out for people like me. A housing counselor told me that my lender would reduce the amount I owe them from $414,000 down to $276,250 which is 85% of the appraised value. He also said that the good people at FHA would loan me $292,250 ( I’ll have about $16,250 more than the loan balance, so I’ll have some “walking around money”), or 90% of the value and give me a low fixed rate, lower than most people can now get.

The way I see it is, the lender is in the hole $137,750, I have about $32,500 in equity based on my new mortgage and the current appraisal, and I’ve pulled-out cash in the amount of $151,250. I’m up about $183,250 and have been making mortgage payment for about the same as rent, maybe even lower.

This sounds like a pretty good deal for me."

The sound he hears is a lynch mob.

Who's crying now? said...

Yes, the U.S.'s days of being the smug, arrogant and obnoxious Big Time First Class Hot Shot #1 Super Duper Power of the Whole Wide World and Ruler of the Universe is O.V.E.R.
Time to eat some crow, Suckas.
We will have to sit humbly at the table of "I'm a Dinner Jacket" and Med-Ved-Dev, and whoever else will offer us a place at his table, and beg for his kindness and his crumbs. Obama, who knows what it's like to be a 'second-class' citizen and has no delusions of America's over-confidence, will be perfect for this job. He has a clear understanding of our TRUE new position in this world, and will project purpose and clarity without the stupid bravado that has brought us to our knees. He is our only hope to re-group, save some face and hold up our heads again on the bigger stage.

Anonymous said...

I don't think Bush has signed the housing gambler bill yet.

But it would be a gas if he did not sign it ... just let it sit on his desk ... and it rolled into the next administration. Neither McCain or Obama even voted in the senate. They could not hide.

John S said...

"Republican represent change..."

Don't worry St. Obama also has promised change. And he'll take whatever you change have left right out of your pocket.

8 year string of unbroken mistakes... said... said...

MORE AMERICA THE BEAUTIFUL:

Some people DESERVE to be POOR!

"Today's PIG is Tomorrows BACON"
HST

'Extreme Makeover' house faces foreclosure
Associated Press
Article Launched: 07/28/2008 02:08:00 PM PDT


"LAKE CITY, Ga. - More than 1,800 people showed up to help ABC's "Extreme Makeover" team demolish a family's decrepit home and replace it with a sparkling, four-bedroom mini-mansion in 2005.
Three years later, the reality TV show's most ambitious project at the time has become the latest victim of the foreclosure crisis.

After the Harper family used the two-story home as collateral for a $450,000 loan, it's set to go to auction on the steps of the Clayton County Courthouse Aug. 5. The couple did not return phone calls today, but told WSB-TV they received the loan for a construction business that failed.

The house was built in January 2005, after Atlanta-based Beazer Homes USA and ABC's "Extreme Makeover" demolished their old home and its faulty septic system. Within six days, construction crews and hordes of volunteers had completed work on the largest home that the television program had yet built.

The finished product was a four-bedroom house with decorative rock walls and a three-car garage that towered over ranch and split-level homes in their Clayton County neighborhood. The home's door opened into a lobby that featured four fireplaces, a solarium, a music room and a plush new office.

Materials and labor were donated for the home, which would have cost about $450,000 to build. Beazer Homes' employees and company partners also raised $250,000 in contributions for the family, including scholarships for the couple's three children and
a home maintenance fund.
ABC said in a statement that it advises each family to consult a financial planner after they get their new home. "Ultimately, financial matters are personal, and we work to respect the privacy of the families," the network said.

Some of the volunteers who helped build the home were less than thrilled about the family's financial decisions.

"It's aggravating. It just makes you mad. You do that much work, and they just squander it," Lake City Mayor Willie Oswalt, who helped vault a massive beam into place in the Harper's living room, told The Atlanta Journal-Constitution."

Typical Joe and Jane Six Pack NASCAR diabetic nuclur family.

F*ck Off and DIE U PIGS

Anonymous said...

bitter idiot once again gets the stupidest post of the week award

bitterrenter said...

Go tell Lenin and Castro that liberals can't be tough enough to commit wholesale destruction of the conservative vermin.

There's a reason why so many of the conservatives' ideological cousins have been sent to die in Siberia and other places over the centuries. They DESERVED it.

holyschlitz said...

They are all guilty, republicans and democrats both. Anyone who believes in either party is living with their head in the sand and ignoring the facts. What is really sad is that Obama is going G.W. look like a piker when it comes to running up the national debt and trashing the country.

Eric Ogunbase said...

Does Bush even know he's allowed to veto spending bills? Judging by the way his veto pen has collected dust during the last 8 years, I'd say no.

bitterrenter should change his/her name to "bitteridiot". The Republicans and Democrats are basically the same. In 2006, the public voted for change. We gave the Dems a majority in BOTH houses of Congress. What has changed? Nothing. Our troops are still in Iraq, Bush signs spending bills like a crackwhore and the police state has gotten worse.

As far as the guy opening fire on the unarmed civilians in the church, that same church started a branch of the ACLU. You know, that same ACLU that thinks that the populace shouldn't be armed? Is it any wonder they didn't have any guns with them? I bet if that same nutjob had gone to a Southern Baptist church and opened fire, an arrest wouldn't have been made, because Jedidiah or his aunt Eunice would have emptied a clip into him, and then finished the worship song.

So, bitterfucktard, sit down, light a joint and RELAX. You whipped yourself into quite a lather.

Anonymous said...

Anonymous FankGawd said...
"Basically, The USA is now a poor country, just like many around the world. People should get used to living with less, and get used to it, the USA as "richest" number one superpower is history."
July 28, 2008 4:51 PM

The USA is a failed Libertarian experiment.

When the "Liberal" President Bill Clinton repealed Glass-Steagal he deregulated the mortgage market, and set the US taxpayer up to pay for this "housing crisis".

Saint Ronie Raygun did the same when he deregulated the S&L's. That cost the US taxpayers hundreds of billions of dollars.

Going back further, to when the Libertarians where known as "Laisses-Fair", they set the US taxpayer up for the 1929 stock market crash (and the following bail out by FDR).

It sucks to live in a failed Libertarian experiment. I hope the Republicans and their Libertarian Ideology are done.....at least for the next 20 years or so.

Anonymous said...

we should put together a collection for a one way ticket to Venezuela or Cuba for bitterrenter. Its a win-win for all involved. We get rid of him and he gets a left wing despot to worship.

Anonymous said...

I don't care. I'm just waiting for The Messiah to give me my free stuff.

brianbb said...

St. Obama will fix this!

He wants the bankrupt US to spend $800 billion over 10 years in foreign aid to "end world poverty".

No, I'm not making this up.

How about ending Medicaid, Medicare, and getting rid of all social spending? All the people like Obama (community organizers) living off of federal grant money. Fed'l gov't supposed to spend money getting poor people diabetes medicine? Where is that in the constitution? Let the rich liberals pay for them with their pie in the sky utopian nonsense.

Get rid of federal spending on education entirely. Where in the constitution does it say the fed gov't should educate anyone? States did this until the early 1970s when education was actually better. Now it just spends more for less.

Start executing hardened violent criminals by the tens of thousands or at least have them in work camps (picking lettuce instead of the illegals?) instead of the high cost prisons they're in now. Steal a car? DIE. Armed robbery? Execution. How much would that save society?

bitterrenter said...

Brianbb,

You are one sick mofo. It's people like you that deserve to DIE.

I hope a liberal populist emerges that convinces the people to round up and gas people like you. Stalin got a good start. We should have helped him out.