And to not dump too many new troops in Afghanistan, either?
Those $1 trillion deficits he expects for several years to come. Of course, since Shrub has put the Iraq spending off budget, technically, Obama cuts in Iraq spending wouldn’t make a difference to the budget. But, such cuts would make a difference to investors from Wall Street, Shanghai and elsewhere.
Even outside of that, the key tell is the deficit as percentage of gross domestic product. Here, Obama’s potential 7 percent deficit would break Ronald Reagan’s 1983 6 percent previous non-war record.
That said, part of this is Bush's fault. Things such as TARP and the Fannie Mae/Freddie Mac prop-up, which the Bush Administration labeled as "investments, are counted as part of this $1 trillion by the Congressional Budget Office, and rightfully so.
Oh, speaking of that, I am getting tired of talking heads saying we’re in the worst economic crisis since the Depression. Being old enough here to remember the 1980-82 double-dip recession, I can say that current economic stats aren’t yet close to matching even that situation.
While whistling past the economic graveyard sometimes is just that, at other times, it’s good self-talk. At this time, especially since there’s no evidence to back up media doom and gloom talk, we could use more whistling past the graveyard.
A skeptical leftist's, or post-capitalist's, or eco-socialist's blog, including skepticism about leftism (and related things under other labels), but even more about other issues of politics. Free of duopoly and minor party ties. Also, a skeptical look at Gnu Atheism, religion, social sciences, more.
Note: Labels can help describe people but should never be used to pin them to an anthill.
As seen at Washington Babylon and other fine establishments
January 07, 2009
Another good reason for Obama to get TOTALLY out of Iraq …
Labels:
economy,
Iraq,
Obama Administration,
recession 2009
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