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President Obama just broke another record, and this time it's not for the highest federal deficits and debt accumulation in American history. Obama has attended more fundraisers than any President in history, already having attended about twice as many as Bush did in his four year term. The man is truly transformative. I assume Obama is focused like a laser beam on the economy as he hobnobs with the glitterati at these star-studded events. George Clooney gives him two big thumbs up, and as we all know, Clooney speaks for the common man.
In between the Chateau Lafite, Portobello Stuffed Crab appetizer, and the Steak Diane entree, our President Celeb keeps saying he "inherited" a trillion dollar budget deficit from Bush at these bigh-priced soirees, as follows:
"I love listening to these guys give us lectures about debt and deficits. I inherited a trillion dollar deficit!" [Obama] said. Obama compared Republicans to a person who orders a steak dinner and martini and then, "just as you're sitting down, they leave, and accuse you of running up the tab."
Cute, but there are a few teensy-weensy details Obama conveniently omits.
First, we have to establish where the federal budget comes from. Per the Constitution, it comes from CONGRESS. In 2007, the last year the Republicans controlled Congress, the GOP budget sliced the deficit down to $170 billion. Then the Democrats took over both branches of Congress. Led by Sen. Harry Reid (D-NV) and Speaker Of The House Nancy Pelosi (D-CA), the 2008 and 2009 budgets produced deficits of $455 billion and $1.4 trillion, respectively. And here's the kicker - THEN SENATOR OBAMA VOTED IN FAVOR OF BOTH OF THOSE BUDGETS. Obama is now complaining about budget deficits he voted for himself. Obama "inherited" the deficits alright, but he inherited them from himself and his Democratic party even more that he did from Bush. And he has done next to nothing about the deficit situation since. The deficits have averaged around $1.3 trillion per year for 2010- 2012, and Obama's own 10-year budget projection adds another $10 trillion or so to the debt. The Democrats have been in majority control of the federal government during Obama's entire term. They controlled both the Executive and Legislative branches entirely in 2009 and 2010, and since then they've had a Democrat controlling the Executive branch and the Senate, with the GOP controlling only the House. Btw, that GOP House has passed balanced budgets and a balanced budget amendment, but the Democrats shot all that down.
Looking at the big spending bills of FY2009, we have TARP ($700 billion) and Obama's stimulus ($800 billion). REPUBLICANS VOTED AGAINST BOTH OF THOSE ACTIONS (TARP link and stimulus link). Whether you agree or disagree with the GOP on those votes, you sure can't then turn around and blame the GOP for the resultant deficits, as Obama is trying to do. Btw, Obama voted in favor of TARP as a Senator, and signed the stimulus into law as President.
Obama's "it's the Republicans fault" excuse is a bad joke. Obama's hubris is unmatched, and his blame-shifting ruses have worn so thin that a blind man could see through them. Hey, maybe that's what Obama meant when he said his presidency would be the most "transparent" ever !!!
Faced with having to rationalize away Obama's terrible economic numbers (see my previous post), liberals have resorted to an array of reality-bending efforts, such as pseudo-economist Paul Krugman's claim that Obama has been too conservative, and that "this is a Republican economy". That's a good one…as if federal spending at a non-World War II record high of over 24% of GDP could possibly be called conservative (and total government spending is an alarming 40.27% of GDP, if you want to know where your paycheck will go once we actually start paying for all this spending. No young person in America should be voting for Obama. He's literally destroying their futures). Yet none of this Keynesian spending orgy is enough for Krugman and other liberals. I shudder to think what Krugman would term a liberal economy. Maybe Europe's, which is going down the tubes and drowning in debt (as will soon happen here). And then there are Obama's other "conservative" policies - the $800 billion stimulus, the ObamaCare takeover, the Dodd-Frank regulations, handing auto companies over to the unions, the looming Taxmageddon, etc. If there's a liberal anti-growth policy to be found, Obama seems to be for it, and that sure ain't conservative. Go back to your ivory tower, Prof. Krugman. Your crackpot theories don't belong out here.
Liberals reading this will reflexively blame the deficits on Bush's wars and tax cuts, and I agree that Bush was far from being a fiscal conservative. He was just the opposite. Yet, I remind liberals that in 2007 the deficit was "only" $170 billion (not that $170 billion is chicken feed), and those two wars and tax cuts were in effect then too. Revenues have fallen with the recession and that's part of it, but it's actually the spending increases that drive our deficits and debt. Bush nearly doubled federal spending. Obama has already increased it by $800-900 billion per year. There are no tax increases that can cover such a rate of spending increases. They would destroy the country. They would destroy YOU, economically speaking. Time to wake up, America, before it's too late.