The Economy Is A Mess UnlessYour Rich As Trump Breaks Another Promise!

[flghtr65]

Originally Posted by lustylad

!

Clownboy, I never wrote that Obama shaved Federal spending. I wrote that he shaved a Trillion off the Federal Budget deficit. See post 12. Also, how do you think the Tax Revenues swelled during his term? When the Bush tax cuts were do to expire at the end of 2012, Obama got congress to raise the tax percentage in the 7th tax bracket from 36.5% up to 39%, effective Jan 2013 . The tax percentages in the other 6 brackets remained the same. No way the Tax revenues would have swelled that high without raising the percentage in the 7th bracket which was the highest one. Also, the credit rating of the USA was reset back to a AAA rating after raising that tax percentage. Those are the facts.

[LexusLover]

Originally Posted by flghtr65

Clownboy, I never wrote that Obama shaved Federal spending. I wrote that he shaved a Trillion off the Federal Budget deficit.

So he actually only pissed off .... $10 Trillion ... added to it?

So during his administration the U.S. Government debt increased:

about $10 Trillion ...

... or to be precise: $9.3 Trillion as of Jan. 2017.

https://www.usgovernmentdebt.us/spen...s2li111mcn_H0f

As for "deficits" vs. "debt":

http://usgovernmentspending.blogspot...n-deficit.html

The Feds Borrow More Than The "Deficit"

People naturally assume that the annual Deficit is the total that the Federal government borrows each year. Actually this is not so. The Deficit is simply the difference between Federal Outlays and Federal Receipts. Usually, the Feds borrow a lot more than the official Deficit.

So the question then becomes: How did Obaminable reduce either one?

We have to pay the debt. We can't as long as we have a deficit.

And a "point of order" ... as was previously mentioned .... there is much ado about TARP, which is erroneously touted as being a "debt" or "burden," but that wasn't the "debt" or "burden" to Obaminable since the TARP funds were a profitable investment into the Obaminable years ... not a detriment ... HIS BAILOUT was a LOSS!

http://money.cnn.com/2014/12/19/news...end/index.html

[flghtr65]

Originally Posted by lustylad

The initial TARP loans to GM and Chrysler were disbursed under Bush. Follow-up loans were made after Steven Rattner took over the auto industry bailout program for Obama.

Obama saved GM and Chysler. Bush did authorize a Tarp loan GM and Chysler before he left office, that loan was not nearly enough. The government took over GM & Chysler in 2009. Like I said before, Obama forced out the old CEO of GM and made GM get rid of several auto divisions that were not profitable, like the Hummer. This is what it took to make GM profitable again. The details are in the link.

https://www.thebalance.com/auto-indu...rysler-3305670

From the link:
The federal government took over GM and Chrysler in March 2009. It fired GM CEO Rick Wagoner and required Chrysler to merge with Italy's Fiat S.p.A. The Obama administration used the take-over to set new auto efficiency standards. That improved air quality and forced U.S. automakers to be more competitive against Japanese and German firms.

Chrysler entered bankruptcy on April 3. GM followed on June 1. By the end of July, they emerged from bankruptcy reorganization. GM became two separate companies, and spun off GMAC into Allied Financial. Chrysler became a brand owned by mostly by Fiat. The Treasury Department began selling off its ownership of GM in 2010. Chrysler paid off the last of its loans by 2011.

GM emerged from bankruptcy on July 10, 2009, as two separate companies. Old GM held most of the debt. New GM held the assets, $17 billion in debt, the contract with unions and its underfunded pension funds. This allowed it to move forward as a profitable company. The new company only has four brands: Chevrolet, Cadillac, GMC and Buick. The company sold Saab and discontinued Saturn and Hummer. (Sources: "Auto Sales Historical Chart," Macrotrends. "GM Bankruptcy:

[nevergaveitathought]

Originally Posted by LexusLover

And a "point of order" ... as was previously mentioned .... there is much ado about TARP, which is erroneously touted as being a "debt" or "burden," but that wasn't the "debt" or "burden" to Obaminable since the TARP funds were a profitable investment into the Obaminable years ... not a detriment ... HIS BAILOUT was a LOSS!

his stealing gm from the bondholders to give it to the unions was a loss to the u.s.

not to speak of his solyndra type fiascos- perhaps as many as 36 such type scandals mounting into the billions

the bank and insurance bailouts started under bush were profitable

[Happyfella]

If you can't get "your and you're" right; everything else you say is disqualified.
MAGA

[LexusLover]

Originally Posted by Happyfella

If you can't get "your and you're" right; everything else you say is disqualified.
MAGA

Is that a new "blog" rule or something?

Or is it simply a spurious method of disputing what one posts?

[Mr MojoRisin]

Originally Posted by flghtr65

Bush43 and Dick Cheney left a large mess for Obama clean up!!! It took a lot of money to fix the Banks, Wall Street and the Auto Industry. AIG alone received over 250 Billion dollars in TARP bailout money. Plus Bush43 handed to Obama in 2009 a budget that resulted a 1.5 Trillion dollar deficit. See the graph in post #12.

I don't know where you're getting your information from but Obama didn't clean up anything. Obama left this country in total shambles. His administration was plagued with scandals and over 160 mass shootings occurred during his era. Not to mention all the money that was spent on the war against Terrorism, which is nothing but a farce because Obama funded terrorism. If anyone has been left with a mess it's Trump.


Jim

[Yssup Rider]

Originally Posted by Happyfella

If you can't get "your and you're" right; everything else you say is disqualified.
MAGA

If that’s the rule, you’re going to be losing a lot of your fellow RWWipes.

Of course, what most of them say has little to do with politics. Mostly just gay sex.

[lustylad]

Originally Posted by flghtr65

Why was there a need for a stimulus package? To help clean up the mess that Bush and Dick Cheney left behind.

So now you want to blame the housing bubble on Dick Cheney? Seriously? That's odd... I don't recall his lobbying and cheerleading for Fannie and Freddie to do more sub-prime lending, as Barney Frank was constantly doing. In fact, the historical record shows it was dim-retards who shot down every Bush administration proposal to rein in Fannie and Freddie!

But keep trying to re-write history, you twaddletwat!

[lustylad]

Originally Posted by flghtr65

Clownboy, I never wrote that Obama shaved Federal spending. I wrote that he shaved a Trillion off the Federal Budget deficit. See post 12.

Don't play word games with me, twaddletwat. Here is what you wrote:

Originally Posted by flghtr65

The point still stands Obama shaved 1 trillion off of (sic) that 2009 budget set by Bush43...

If you "shave" or reduce a budget, it means you are cutting back the spending side. Obama never shaved a budget or reduced spending - to the contrary, he added hundreds of billions in stimulus outlays to Bush's original plan for FY2009.

That's a simple historical fact that can't be rewritten.

Now if you want to try and make your point coherently, I will agree that after presiding over a record-shattering budget deficit of $1.4 trillion during his first year in office (2009), it took Obama 7 long years to whittle down this shortfall to $615 billion for his last year in office (2016) - a level that was still higher than any single-year deficit incurred by his predecessors.

[lustylad]

Originally Posted by flghtr65

Obama saved GM and Chysler. Bush did authorize a Tarp loan GM and Chysler before he left office, that loan was not nearly enough. The government took over GM & Chysler in 2009. Like I said before, Obama forced out the old CEO of GM and made GM get rid of several auto divisions that were not profitable, like the Hummer. This is what it took to make GM profitable again. The details are in the link.

https://www.thebalance.com/auto-indu...rysler-3305670

The auto industry bailouts, as crafted and implemented by Steven Rattner and odumbo, were as much of a scandal as an accomplishment. Odumbo didn't bail out GM and Chrysler as much as he bailed out the UAW at the expense of taxpayers.

Thanks for bringing it up again, twaddletwat! I've already detailed what a scandal it was several times before in this forum.

For those who may have missed our previous discussions, here is a chance to get educated about the truth behind the auto industry bailouts:

https://www.eccie.net/showpost.php?p...1&postcount=21

https://www.eccie.net/showpost.php?p...0&postcount=50