Wednesday, February 3, 2010

You Lie

President Obama's misplaced budget priorities may be the result of his misdiagnosing the cause of the deficits. During his State of the Union speech, the President asserted that "by the time I took office, we had a one-year deficit of over $1 trillion and projected deficits of $8 trillion over the next decade. Most of this was the result of not paying for two wars, two tax cuts, and an expensive prescription drug program."



This is simply not true.



The policies mentioned by President Obama were implemented in the early 2000s. Yet even with all those policies in place, the 2007 budget deficit stood at only $162 billion. The trillion-dollar deficits did not begin until 2009 (driven by financial bailouts, stimulus, and declining revenues) as the recession hit its trough.



And the policies mentioned by the President certainly could not be responsible for most of the trillion-deficits over the next decade, given that most war spending will phased out by then and the tax cuts and Medicare drug benefit are expected to cost a combined 2 percent of GDP over the next decade--even as the baseline budget deficit rises past 8 percent of GDP.



Still, it is hypocritical of Obama to rail about ANY deficit spending under the Bush administration, when his own policies will create more debt than has been created by all of the presidents who held office before him ... combined.

5 comments:

Bob Qat February 3, 2010 at 2:39 PM  

Its frustrating, isn't it?

WoFat February 3, 2010 at 4:44 PM  

Perhaps the word "deficit" is something he just can't understand. It may be only a word, one that's used in political speeches, but has no real meaning for him.

Chuck February 3, 2010 at 6:21 PM  

The Dims attacked Bush because the senior drug benefist wasn't big enough

Mustang February 3, 2010 at 9:41 PM  

True TC ... but remember Øbama was talking to the idiots who elected him --so lying is okay/doesn't matter.

Semper Fi

Conservative Scalawag February 4, 2010 at 11:48 AM  

You are right my darling, and he is going full speed ahead with the spending, bulstered up with huge taxes for the middle class and wealthy. What I like to call the producers of the nation.

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