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Friday, June 26, 2009

Obama: Bush on steroids!

Fortune continues: “Under George W. Bush, the U.S. experienced a prelude to the crisis before us: Spending rose rapidly, while revenues remained reasonably flat. Bush created an expensive new entitlement, the Medicare drug benefit (cost this year: $63 billion), and let spending on domestic programs from education to veterans’ benefits run wild. Over seven years the wars in Afghanistan and Iraq added a total of some $900 billion to the budget. All told, Bush raised spending from 18.5% to 21% of GDP, setting in motion a chronic budget gap by piling on new spending without paying for it.

“Under Obama the Bush trend keeps going, but this time on steroids…”
--from "The Curious Case of the 'Normal Recession'" by Bill Bonner (6/12/2009)

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