ABC: Without ‘creative White House accounting,’ Bush’s deficit is actually $600 billion.
ABC: Without ‘creative White House accounting,’ Bush’s deficit is actually $600 billion.
Yesterday, the White House “increased its estimate for next year’s deficit to nearly $490 billion, a record figure that will saddle the next president with deepening budget problems in his first year in office.” But, on ABC News’s Good Morning America today, Claire Shipman reported that the deficit is actually much higher because “creative White House accounting” didn’t include the war, the unemployment costs, Medicare fees, or the housing bill in its calculations. If those numbers are included, it brings “the grand total to about $600 billion.” Watch it:
To illustrate how big the deficit is, Shipman explained: “If every American were to pitch in 2,000 dollars, we could pay off this year’s deficit. Or if we handed over each of us 500 gallons gasoline. Or, in terms we can all really understand, if every American gave up 666 lattes for a year.”
Sort Comments By: Top Rated | Date
57 Responses to “ABC: Without ‘creative White House accounting,’ Bush’s deficit is actually $600 billion.”
Topic Cloud
ArchivesBlog Roll
So...... this is an example of the Repug "Small Government"?
My children and their children's children thank you BushCo!
July 29th, 2008 at 4:13 pmThats it. I'm not giving up my Lattes. I'm staying. Finishing my coffee.
July 29th, 2008 at 4:18 pm$2,000 a person to retire the current year's debt. Great idea! Sign me up!
Oh, yes, and by the way, send the bill for my share to GDumbya.
July 29th, 2008 at 4:19 pmI still don't understand the figuring, I thought the war is costing much more and it is all borrowed money. So shouldn't the amount be way over 600 billion?
July 29th, 2008 at 4:20 pmLet's start reducing that figure by firing all the mercenaries hired to do the work of our armed forces in Iraq.
July 29th, 2008 at 4:20 pmA much better solution:
We Americans give up ALL Corporate tax breaks, give up ALL tax loopholes that favor the top 10%, give up ALL corrupt politicians, give up ALL illegal wars, and give up ALL the excess profits of the oil companies, and give up ALL appeal rights for the bushco as the lot of them are carted off to Leavenworth.
July 29th, 2008 at 4:23 pmThis is repugnican government at its best.
July 29th, 2008 at 4:23 pmDuring repug rule, the people and the budget suffer; during dem rule, things start turning upward.
Can Bush&Co be a failure in any other arena? Everything he's touched has turned to sh!t. Must be proof of the legend of the turdblossom.
Today’s Republican Party is a freak show of hate-filled sociopaths, immoral religious and social extremists, insecure, overcompensating, irresponsible, dangerously incompetent, war-mongering imperialists and greedy, exploitive corporate anarchists. Just look at the odious and inadequate carnival barkers and snake oil salesmen the Republican Party had competing to be their presidential candidate. Being an Irish Catholic Democrat raised with four younger siblings by an uneducated single mom, I have never agreed with social conservatives, but compared to Bush’s Republican Party Eisenhower’s Republican Party was a liberal bastion of social and economic enlightenment and pluralism. Defending the actions of today’s Republican Party is advocating ignorance and evil over common sense and common decency. It would be hard to imagine that any presidential administration, Republican or Democrat, could have been as malicious, polarizing, undemocratic, corrupt or destructively pernicious to the founding causes and defining principles of our republic than George W. Bush’s. I am surprised that I am ashamed for the “good” Republicans, only because I could not have possibly imagined how “bad” some Americans were capable of being.
July 29th, 2008 at 4:23 pmSound Progress Says:
"Thought so."
No. They were referring to the major tax cuts during a time of war. Did the President veto the spending bill? Thought not.
July 29th, 2008 at 4:28 pmBut Osage,
How do you REALLY feel?
Great recap!!!!!
July 29th, 2008 at 4:29 pmHarken Energy fudged the numbers when Bush was there too.
Bush dumped his stock before the public knew the truth, got a "you've been a bad boy" talking to by the SEC that was headed by a Bush SR appointee/crony and the small stockholder was left holding the bag.
The small taxpayer will be left holding the bag on this one.
Those who don't know history are condemned to repeat it.
July 29th, 2008 at 4:32 pmYes, we are referring to the budget bills that the reich-wing president willing signed and approved. The bills that had exactly what the reich-wing president wanted. Thought so.
So, reich-wingers once again prove they are not the party of fiscal responsibility.
July 29th, 2008 at 4:32 pmOsage
July 29th, 2008 at 4:32 pmAw-right!! Great post.
I think that's a sly "Big Lebowski" reference.
Very nicely done.
July 29th, 2008 at 4:34 pmBTW Sound Progress...
Tell me how "Tax and Spend" is so much worse than the "Borrow, Spend and bilk the common guy". You idiots are all about taking yours from the top then blaming the absence on those who ended up with the crumbs.
You can be sure the children of the elite will NEVER be saddled with the bills their fathers created. It's beneath them to actually pay for anything.
July 29th, 2008 at 4:34 pmBWAHAHAHAHAHAHAHAHAHAHA!
"It's the Democrats' fault!"
BWAHAHAHAHAHAHAHAHAHAHAHAHA!
July 29th, 2008 at 4:34 pm~~~~~~~~~~~~~~~~~~~~
http://www.pollster.com/
Obama 284 McGrampa 147 Toss up 107
~~~~~~~~~~~~~~~~~~~~
http://www.electoral-vote.com/
Obama 292 McCain 195 Ties 51
~~~~~~~~~~~~~~~~~~~~
Ouch.
July 29th, 2008 at 4:35 pmOr, in terms we can all really understand, if every American gave up 666 lattes for a year.
What? You trying to cause Americans to actually revolt?
July 29th, 2008 at 4:37 pmMess with their lattes and they may get really pissed =P
"“It’s the Democrats’ fault!”
Yes, because we ALL know, the Democrats have such a HUGE majority in the Senate that they can ram veto-proof bills up the chimperor's arse
July 29th, 2008 at 4:37 pmOsage,
July 29th, 2008 at 4:38 pmWell put, well put.
Bush Sr, Jeb, Neil, Dumbya, Grandpa Prescott, and the other genetic defects that I don't recall the names of.....
The Bush family tradition is screwing the American public, because to paraphrase Barbara; "It all works out well for them because they're used to having nothing anyway"
How come no one in the media ever mentions the Keating 5 or Savings & Loan scandals from the '80's?
If Obama was involved it would be talked about non-stop.
July 29th, 2008 at 4:38 pmOh please. The war is paying for itself. Remember?
July 29th, 2008 at 4:41 pmGreat post, osage.
July 29th, 2008 at 4:41 pmThe surge (in deficit spending) IS WORKING!
July 29th, 2008 at 4:43 pmOf course the deficit is much larger than what they say it is.....do you really think they would start telling the truth now?
July 29th, 2008 at 4:44 pmTime to stick a fork in another Bush first term lie: (altogether now) "the tax cuts will result in a balanced budget because the resulting economic stimulus will increase revenues despite lower marginal rates." Can we please drive a stake through supply side economics and bury it at the crossroads at midnight?
July 29th, 2008 at 4:47 pm666 lattes floating in the summer sky
panick bells it's red alert
there's something here from somewhere else
the espresso machine it springs to life
opens up one greedy eye
focusing it on the sky
as 666 lattes go bye
(thanks nina hagen)
July 29th, 2008 at 4:47 pmSound Progress Says:
Are you referring to the budget bills that the Democratic congress passed, and the spending that the Democratic congress approved? The bills that had far more spending in them then the President wanted. Thought so.
Whoo, you are a real hoot today. You mean this ana1ysis of the http://www.cedarcomm.com/~stevelm1/usdebt.htm, by President?
Look at who was, not only President, but for 6 years had BOTH Houses (and the SCOTUS)in his pocket.
Thought so.
July 29th, 2008 at 4:50 pmRepublicans cannot govern, they only rule. No one should ever trust any Republican because if they do they had better check their wallets because Republicans will steal you blind.
July 29th, 2008 at 4:51 pmThe only thing the Republicans are deserving of is electoral euthanasia and to recede into the annals of history, kind of like the "Know Nothing" Party.
It's hard to give up nearly 2 lattes a day when I somehow doubt anyone normal drinks thatm any lol.
July 29th, 2008 at 4:53 pmActually "everyone in America" forking over $2000 to pay off the deficit is also an example of 'creative accounting.'
The total population of the US is approx. 300million--including kids and adults who don't have $2000 to spare.
So it would have to be x adults who could spare y thousands that would equal 600 billion.
I'm just saying....
July 29th, 2008 at 4:56 pmSorry,
Here is the link for Post 29.
http://www.cedarcomm.com/~stevelm1/usdebt.htm
Very interesting reading.
July 29th, 2008 at 5:01 pmSound Progress Says:
Are you referring to the budget bills that the Democratic congress passed, and the spending that the Democratic congress approved? The bills that had far more spending in them then the President wanted. Thought so.
How pathetic.
July 29th, 2008 at 5:01 pmThe Bush defenders have got NOTHING.
How pathetic.
The Bush defenders have got NOTHING.
Of course they don't. But ya know what? I think they think they do have something. I think they believe they are firing on all cylinders. They live in that cloud of delusion. Hey ya know, it's scary outside.
July 29th, 2008 at 5:05 pmThe Constitution makes it clear that Congress theoretically holds the purse strings of government. However the Presidents set the direction for the country, and have great power to push the nation in whatever direction they choose. During the time span covered by this paper, history has shown that Congress tends to follow much more than it leads.
Since the Neo-Con Republicans took over both Houses of Congress and the White House in 2000 they have been unwilling or unable to say no to the President’s disastrous economic policies. The Republican controlled Congress has marched to President Bush’s tax cut mantra since he entered office. Unfortunately for the future of our nation, Mr. Bush has not seen fit to shrink spending even though he has insisted on cutting taxes during a time of war and occupation. Despite his rhetoric, his actions show controlling spending has certainly not been one of his priorities. For six years we have watched as government spending continues to increase and he continues to insist on cutting taxes. He continues to tell us reduced taxes will somehow generate more tax income for the government, yet all real evidence disagrees with this misguided concept.
[...]
July 29th, 2008 at 5:05 pmGreat link, upside99.
Thanks
July 29th, 2008 at 5:06 pmThis administration has not ran one single surplus I can remember. They said that tax cuts would raise revenues and help the economy yet the exact opposite has happened! Instead we see stagnant wages, growing poverty, middle class shrinking and record deficits, while the domestic infrastructure like public schools, roads, bridges etc, are in need of major repairs and meanwhile the wealthiest of Americans have become super wealthy!
This Republican experiment has come to an end, we cannot afford anymore of their radical free market ideals.
July 29th, 2008 at 5:08 pmMatt, YW,
It is a great way to debunk any discussion of the "deficit Dems". Several of my Repug friends wouldn't believe it at first, then when they started to research it, they grudgingly admitted it was correct.
Sometimes the truth just f'ing HURTS!
July 29th, 2008 at 5:08 pmHe continues to tell us reduced taxes will somehow generate more tax income for the government, yet all real evidence disagrees with this misguided concept.
Yep, taking in less money makes even more money - another right side delusion.
And besides that, every time we have to borrow money to pay our bills, we are wedded even closer to China. China was kind of an enemy and all that, but since they buy our debt, we must treat them with respect. So our enemies are our friends when they bail us out of our poor fiscal choices? Hmmmm. That doesn't sound right.
What if China stopped buying our debt? Would that turn them into enemies again?
July 29th, 2008 at 5:10 pmSound Progress
I think you should get over to Bennigans and fill out an application for employment. Then you should wait beside the telephone for approval.
The wait shouldn't be long.
+
%
..
*
July 29th, 2008 at 5:10 pm"Or, in terms we can all really understand, if every American gave up 666 lattes for a year."
What a stupid comment.
People can't think in dollars, but they can think in latte's?
Talk about speaking down to your viewers.
July 29th, 2008 at 5:12 pmMcWars Says:
Sound Progress
I think you should get over to Bennigans and fill out an application for employment. Then you should wait beside the telephone for approval.
The wait shouldn’t be long.
Bennigans filed for bankruptcy today. I do love their Monte Cristo sandwiches. Truth is, they just don't sell enough of them. Good luck to you SP! Use my name as a reference; that will get you far :)
July 29th, 2008 at 5:13 pmHow about an old school conservative's take on just how messed up this administration and it's policies are - and how they are sorely backfiring on them.
Ah, the sound of the neo-conservative ideologue collapsing!
July 29th, 2008 at 5:13 pmSo... how many years do we have to wait before the Bush Tax Cuts deliver the booming economy we were promised?
Maybe "Sound Progressive" can help me out on this.
July 29th, 2008 at 5:14 pmOh, and if you want to read someone who knows markets, try both of these links:
http://bonddad.blogspot.com/2008/07/federal-government-is-swimming-in-red.html
http://bonddad.blogspot.com/2008/07/look-at-federal-budget.html
July 29th, 2008 at 5:16 pmWhat a stupid comment.
People can’t think in dollars, but they can think in latte’s?
Talk about speaking down to your viewers.
I understand your comment, but actually that is a typical sales spin used all the time in business. You don't tell the person how much it costs, you equate that cost to something the spend their money on, and then spin on that. As in:
"I know $1000.00 per year sounds like a lot, Mrs. Johnson. But in fact, it is only the cost of washing your car once every two weeks." Mrs. Johnson smiles and thinks, "Well ya. I do spend that money on car washes, don't I". Done deal.
July 29th, 2008 at 5:16 pmStrat,
I guess you now have the task of identifying another pub most suited to your tastes.
Actually never heard of the place until today.
July 29th, 2008 at 5:23 pmBush and Cheney's new accounting methods.
July 29th, 2008 at 5:48 pmDon't teach it in schools..!
I recall the days when the Bush bootlickers would come here to boast about the "roaring" economy and how the Dear (mis)Leader's great vision had made it all possible, you know, tax cuts to "stimulate" private investment, and all.
Now that it is obvious that none of the pipe dream economic scenarios has come to fruition, it's the "Democratic Congress' fault"?
C'mon now, how about taking some responsibility? I thought conservatives were big at the "personal responsibility" thing...
July 29th, 2008 at 6:00 pmWhat else would one expect? These are the same people who count oil company profits towards "economic growth" while not counting fuel prices in inflation figures. I think it's fair to assume that the books are so altered that no one will ever know the depths of the deception. We'll just have to pay the bills for the next hundred years.
July 29th, 2008 at 6:09 pmAh yes ... "Conservative", Money Pinching Republicans create the largest Annual and Federal Deficit and in history.
Way to go you "conservatives". And you have the audacity to call the Democrats the "Liberal Spenders", who spend money like a drunk?
How many other "items" is Bush keeping "Off The Books" with the Deficit?
July 29th, 2008 at 7:15 pmDuh!
July 29th, 2008 at 7:39 pmIt's very hard to get the media to say it exactly, but I got the impression that the $482 billion deficit figure included $80 billion of the probable $160 billion figure for the wars. For the past six years it has been confusing the way they are deceiving us and the media is afraid to say.
I was having a hard time comprehending $2000 until you put it in lattes---then I understood. Course little children should not have 2 lattes a day, so that means more for the rest of us. That and three bucks will get you a latte.
July 29th, 2008 at 8:50 pmRalph the Wonder Llama -
Why is the budget out of control ? It is Clinton's fault. Remember how he rolled up deficits and led the economy into a recession which Bush so courageously fought against ?
Of course the above is true only if you hold the chart upside down.
July 29th, 2008 at 11:07 pmWhere can we get these $3 lattes? And who drinks two a day every day for a year?
July 30th, 2008 at 2:25 pmI'm struck by Shipman's odd closing example of 666 lattes as an indicator of cost. Curious indicator of how MSM types think and categorize. I don't drink lattes. I have no idea what they cost. I'll betcha not too many folks in Bismarck, ND, or Oakley, KS, or Davenport, IA know what they cost either. (I happen to live in Baltimore, MD) Who was she trying to reach with this kind of "quantification"? Her colleagues? Other journalists? Pretty bizarre. But I've become accustomed to hearing bizarre nonsense from the tee-vee talking heads, so I pretty much tune it out.
July 30th, 2008 at 8:07 pmZed Lefflin Said:
"I see that there are no “BANKERS” bloging on this thread. To understand “the economy” one must understand how banks are allowed to create money out of “thin air” then we can begin to understand what facts and figures are important and which are not. Feel free to share…………….."
Yes, and the banks are bailed out when they blunder, BIG TIME. (Black Monday, NAFTA, and now the mortgage crisis, to name but a few bailouts). They are like lawyers, they make money when they perform poorly because the gov't is always there to hand them OUR MONEY!! Look at the current bailout of Freddy and Indy Mac at the taxpayers expense! Why aren't these "businesses" allowed to fail like any other business? And yes, they do print up money out of thin air, with NO ACCOUNTING of how much money they print up and where the money goes/who gets it! Just do a websearch on the Federal Reserve and start reading; it's enough to gag a maggot. The Federal Reserve is as "Federal" as Fed-X! They are PRIVATE BANKS(!) for instance Morgan-Chase (who as THE FED recently sold itself the failing Bear-Sterns at a bargain-basement 3% loan rate! Can you say, "conflict of interest" or out and out ILLEGAL boys and girls?) Oh, BTW, here's a little tidbit you might enjoy; for the "Federal" Reserve to print up one hundred million dollars, it costs them about $80,000 in paper, ink, labor, etc. Then they charge U.S. citizens at the face value for the $100,000,000 PLUS INTEREST! WHAT A RACKET!!! STAMP OUT THE FEDERAL RESERVE THIEVES!!!
July 31st, 2008 at 1:33 am