Let us examine the 2007 United States Budget:
- Tax Revenue was $2.54 trillion dollars (+ $130 billion).
- Total Expenditures was $2.78 trillion dollars (+ $120 billion).
- The Deficit was $244.2 billion dollars (- $4 billion).
- The National Debt was $8.95 trillion dollars. (+ $500 billion).
- Tax Revenue should be $2.57 trillion dollars (+ $190 billion).
- Total Expenditures should be $3.83 trillion dollars (+ $280 billion).
- The Deficit should be $1.27 trillion dollars (- $390 billion).
- The National Debt should be $15.1 trillion dollars (+ $1.3 trillion).
It's difficult to compare in one aspect, because we are well aware of the economic results from the 2007 United States Budget, however, the 2010 United States Budget is based on Obama figures, which I suspect is bloated (Tax Revenues to increase? I don't think so). For reasons of demonstration, let us take the Obama budget at face value, just for a moment.
When President Bush increased government spending to $2.78 trillion dollars, the government received $2.54 trillion dollars from American tax dollars, meaning he increased government spending as government revenue increased, almost to the point of a balanced budget.
On the proverbial other hand, President Obama is increasing government spending, while government revenue is lagging. Considering we accept the financial conclusions of the Obama administration, which I do not, Obama will be increasing government spending faster than government revenue increases at the same time.
What's the point?
President Bush was a spender, we know that. However, under President Bush the government spent more as the government received more (forget the financial bailouts for a minute), while President Obama is spending more than the government is receiving. In simple terms; Bush spent with the revenue increase, while Obama is spending with no regard to how much the revenue might increase.
Bush was spending more as we were receiving more, while Obama is spending more as we are receiveing less. That is the economic difference between the two Presidents.
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