Debt Reduction- Advice On Credit Card Debt Reduction, Debt Reduction Services, And Debt Reduction Plans

Consumer Puppet asked:


Starting with Obama’s initiatives, the Stimulus Bill “cost” $863 Billion”.

I place the word “cost” in quotations because the Stimulus Bill consisted of two parts: Spending ($550 Billion) and Tax Cuts ($288 Billion), which means that there was both money going out of the Treasury and money prevented from coming in, both of which make our deficits worse.

The Health Care Bill cost $940 Billion.

So, all together, the Obama initiatives (setting aside the residuals of War) equal: $1.413 Trillion in payments out of the Treasury and $288 Billion in reductions in revenues. That brings the total “cost” of Obama’s initiatives to: $1.701 Trillion.

Turning to Bush’s initiatives, the Prescription Drug Bill cost $1.2 Trillion.

The Bush tax cuts cost $2.485 Trillion, including $344 Billion in interest paid to holders of our debt, including China.

Again, setting aside the cost of war and supporting our veterans into the future (estimated at $3 Trillion, the total cost of Bush’s initiatives was: $1.544 Trillion in payments out and $2.485 Trillion in reductions in revenue. That brings the total “cost” of Bush’s initiatives to: $4.029 Trillion.

To recap, that gives us:

Obama:
Payments Out: $1.413 Trillion
Revenue Cuts: $288 Billion
Total Cost of Initiatives: $1.701 Trillion

Bush:
Payments Out: $1.544 Trillion — Greater than Obama
Revenue Cuts: $2.485 Trillion — Greater than Obama
Total Cost of Initiatives: $4.029 Trillion — Greater than Obama

Note: I have set aside the “cost” of the TARP bailout because those funds did not come straight from the Treasury and were essentially loans that are being paid back to various degrees. TARP was initiated and authorized under the Bush Administration. Originally expected to cost $356 billion, the most recent estimates of the cost is down to $89 billion, which is 42% less than the taxpayers’ cost of the Savings and loan crisis of the late 1980s.

I also set aside the auto bailout (also loans), which was about $50 billion total, parts of which were authorized across both administrations. Bush authorized bridging loans of $9.4 billion for GM and $4 billion for Chrysler; Obama authorized additional loans of $16.6 billion for General Motors and $5 billion for Chrysler.

Neither amount really changes the fact that the various initiatives of the Obama Administration are less than half those of the Bush Administration.

If you feel that I have missed something important in terms of spending, please let me know and I will add it.
Liberal Mathematics? I guess the Universe is liberal then because my math is totally accurate.. research it for yourselves… there is no room for opinion when you deal in fact
The 111th Congress was handed it’s budget from the 110th..lol!
The first year is written by the preceding body.. you guys never stop man,
you are completely full of it
How can you fix a problem if you won’t acknowledge where the problem begins?
also with our 2 and 4 year election cycle… this is all grist for the upcoming elections in 2012…
that’s why this is important…
Aegis of freedom… he has not raised it 4 trillion.. that is a flat out lie
Sources..
CBO
FEDSPENDING.COM
REALDEBT.COM
DEBTCLOCK.COM
Etcetcetc.. you people are so lazy minded.. as if attacking my source diminishes the point…
so do your own research and get back to me like I said…
YOU WON’T

Marina