CHESSNOID

The big economic news today outside of the Housing bailout was that under Bush’s administration we can look forward to another $500 billion deficit. This is more Bush-it economics. The thing that most stood out in the US deficit article was the last paragraph:

Monday’s figures capped a remarkable deterioration in the United States’ budgetary health under Bush’s time in office.

He inherited a budget seen as producing endless huge surpluses after four straight years in positive territory. That stretch of surpluses represented a period when the country’s finances had been bolstered by a 10-year period of uninterrupted economic growth, the longest expansion in U.S. history.

In his first year in office, helped by projections of continuing surpluses, Bush drove through a 10-year, $1.35 trillion package of tax cuts.

However, faulty estimates, a recession in March 2001 and government spending to fight the war on terrorism contributed to pushing the deficit to a record in dollar terms in 2004.

There had been progress since then, with a $161.5 billion deficit for 2007 representing the lowest amount of red ink since an imbalance of $159 billion in 2002.

At least we know why he has the lowest approval rating in history. President Bush as well as his policies are complete failures. The only people ahead of the game are people who are involved with the oil companies. Hmmmmm.