Fiscal Fanatics Phony Freakout

First let me recommend you drink tap water. Its safe, clean, environmentally friendly and brought to you by my hardworking clients. Should you decide to suckle off the germ ridden teet of ‘the bottle’ and deny yourself the wonders of chlorine and other disinfectants, here is a simple reminder for you in your inevitable discussions with the creatures who gather ‘around the water cooler’:

The freakout over the ‘massive’ and ‘outrageous’ 3.5T budget needs historical perspective…click for the real data nobody wants to talk about. W increased spending by about a trillion dollars over his two terms…steadily each year. Last year we spent about 3 trillion dollars. In light of our current situation, a 3.5T budget with a pledge to crank it back down next year sounds very reasonable to me. Now is the time. In 3 years, when the economy has recovered and the deficit halved, we’ll have yet another chapter in my favorite book, “Republicans Don’t Know Shit About the Economy” as written by people who observe real events.

  • Madman

    BTW that doesn’t include the cost of the war in Iraq, $208B last year, which of course Obama has now put in the books instead of disgracefully hiding the real cost for political expediency. so when that guy at the water cooler says, can you believe how much that Obama wants to spend? You can say, yea its an astonishing 8% increase…time to dig up the guns

  • M.Uila

    Spreadsheets, nice! I love that Obama’s trying to abolish the budget accounting irregularities. Congressmen are like junkies though, they’ve been doing it so long they can’t quit. My scorn is rapidly shifting to the Blue Bush Dog Democrats, aka Republican enablers. There’s so fucking pious about their worthless spending cuts, they really need a swift kick to the groin...

    Both Senate Budget Committee Chairman Kent Conrad (D-N.D.) and House Budget Committee Chairman John Spratt (D-S.C.) this week are considering spending proposals of their own, rife with some of the very tallying dishonesties that have plagued the past. An editorial in The Washington Post today has a concise rundown.

    The congressional budgets, The Post points out, look ahead only five years. They eliminate $250 billion included in Obama’s budget for more Wall Street bailouts, though the lawmakers “have no reason to believe it won’t be needed.” And Spratt acknowledges only one year of funding for the AMT patch — not the required five — while Conrad includes only three years of AMT money.

  • M.Uila

    Here’s my spreadsheet companion, from CAF

    Under Obama’s plans, the national debt will rise as a percentage of the economy to about 65-67%. That’s a big change. But the reason countries carry low levels of debt is so they can borrow when trouble comes. And this is the mother of all trouble.

    But what is notable about that increase is that it will leave the US carrying only about the same debt burden that Germany, France and Canada were carrying -before they began adding to it in the current economic downturn. According the analysis of the Central Intelligence Agency in 2008, Germany’s public debt was at 65%, France at 66%, and Canada at 64%. The Italians, always somewhat more fiscally dissolute, were at 106%. Sober Japan, coming out of its lost decade, carried a public debt that was182% of its country GDP.

    None of these countries are going bankrupt. The Euro isn’t turning into toilet paper. The Japanese haven’t boarded up the country. We are urging all of these countries to borrow and spend more to help counter the downturn. We can afford the Obama deficits and more if necessary to lift us out of what looks increasingly like a global depression.

  • M.Uila

    Meanwhile, the Republicans held a press conference to “release” their alternative budget today, with hilarious results…

    Here’s an actual page from the “budget” (which contained no actual numbers)…

  • lookie lookie

    yeah bush dog dems suck!!