What is the comparison between Bush's war and housing bubble spending compared to Obama's deficit spending?
8 yrs of war --- in 2 nations Afghanistan and Iraq
Troops now mass in Afghanistan --- Iraq is still occupied Off shore camps are still maintained at great cost
700 billion for the housing bubble and then another 800 billion issued 6 months after by Bush
Obama announced a 1 trillion dollar out of pocket deficit -- 3.27 trillion if you count all the garantee backings he put in there
But how do the numbers add up ?
Obama vs Bush ---
- Anonymous1 decade agoBest Answer
Actually Beach Heaven is wrong. Bush removed even the 3% down payment requirement for housing loans.
"I'm asking Congress to pass my Zero Down Payment Initiative. We should remove the 3 percent down payment rule for first time home buyers with FHA-insured mortgages."
* Bush's remarks to the National Association of Home Builders, Columbus, Ohio, October 2, 2004
Bush intended to finance the war on the supposed expansion of the money supply from inflated real estate values.
It might have worked if Lieberman and McCain had been right about how fast, easy and profitable the war was going to be.
Unfortunately, like all good Ponzi schemes Bush's plan collapsed when the number of new investors dropped. It folded like a house of cards.
You were warned about this before, and I really hate to say "Told ya so" but there it is.
Now you are left with the mess. Two wars that are likely not winnable, huge deficits and a collapsed economy.
At the same time as this you have China's economy growing at over 8% a year, and they hate you.
If you have any great ideas about how to fix things I bet some policy makers would be happy to hear from you.
- 4 years ago
I just saw a liberal say Bush spent more than the 40 Presidents before him, I see more lies in here than I see truth. Obama has created the largest deficit ever this fiscal year, over $1.5 trillion to be borrowed by the Treasury Department. The 2009 budget was created by Bush, the 2010 budget is the one I speak of. Obama took the oath in January of 2009, how did he create the 2008 budget? He didn't, Bush did. Bush created the 2009 budget as well. Your question is not entirely accurate.
- Anonymous1 decade ago
Bush's war? How about America's war. How about a war to protect this country from future terrorist attacks? Don't forget congress voted to approve this war. (rightfully so)
Housing bubble was caused by your Lib friends deciding that home ownership is a right and making lenders loosen up their policies to loan out billions of dollars to unqualified people.
If you look at 8 years of Bush and blame everything on him, it is about even with the damage Hussein has done in only 11 months. After four years of him, I think we will be talking about his legacy for many generations.
- DR.R.LuxemburgLv 71 decade ago
Obama is better on posturing regarding foreign policy than Bush, but the wars never seem to end. On Labour , the environment and health care he is infinitely better but he has a long way to go to stop the wars and pull all troops out
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- GuitarGeorgeLv 61 decade ago
Since this is Veteran's day, let's not talk of deficits. After all it's only money...
Instead, let's compare American lives lost -
caused by Bush's War - 4,600
caused by Obama - 0
- beach heavenLv 61 decade ago
They don't considering, you are not correct about Bush. Granted he was not the best President we ever had, but he did not cause the housing bubble, Try looking up "The Community Reinvestment Act" signed into law under Carter, bastardized under Clinton.
- Anonymous1 decade ago
what surprised me the most is still there are so many Bush defenders and Bush followers around ... it is incredible how ppl are so blindly defend a disasters president ever...
- Liberal FascistLv 71 decade ago
Wow...how dumb is this.