BUSH or OBAMA: Can 8-28 DC rally-goers match spending facts with the right president?
The BA team breezed through the big 8-28 rallies in Washington, DC to test the government spending IQ of participants. Below are the questions asked in the video and the answers (with sources). But don't spoil the fun: first watch the video and test yourself.
(1) Q: Bush or Obama? This president spent a record-breaking $3 trillion in a single year.'¨
A: Both. In 2008, Bush was the first president to spend $3 trillion in a single year. According to White House estimates, Obama will spend $3.6 trillion in 2010 and $3.8 trillion in 2011.'¨ Source: http://www.whitehouse.gov/omb/budget/…
(2) Q: Bush or Obama? This president bailed out hundreds of large banks and corporations.
A: Both. Obama carried out Bush's unpopular $700 billion bailout for failing corporations. Together, the presidents have bailed out over 600 businesses since Spring 2008. Source: http://www.nytimes.com/packages/html/…
(3) Q: Bush or Obama? This president spent billions of taxpayer dollars on "stimulus" spending during a recession.'¨'¨
A: Both. In 2008, Bush spent over $100 billion on rebates to stimulate consumer spending—his second attempt at using spending as stimulus. In 2009, Obama enacted a $814 billion stimulus package. Sources: http://useconomy.about.com/od/fiscalp…'¨ http://www.cbo.gov/ftpdocs/117xx/doc1…
(4) Q: Bush or Obama? This President increased spending by many times the rate of inflation across most non-defense categories.
A: Both. Contrary to popular belief, defense and homeland security spending only made up about 40 percent of Bush's new spending. He increased spending across most non-defense categories (such as education, Medicare, income security) by four to six times the rate of inflation. In Obama's first half year in office, many of these budgets rose another 70 percent. Source: http://www.whitehouse.gov/sites/defau…
(5) Q: Bush or Obama? This president passed an expensive healthcare bill.
A: Both. In 2003, George Bush signed into law Medicare Part D, which cost hundreds of billions of dollars. As you probably know, President Obama also enacted an expensive healthcare package earlier this year (though cost estimates vary considerably). Source: http://www.forbes.com/2009/11/19/repu…
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