Lefties argue Bush forced the hand of Obama's administration by leaving office in a sharp recession, dramatically stated "...the biggest since THE GREAT DEPRESSION."
That argument won't fly for two reasons. First, at some point Obama's administration has to take responsibility for itself. Second it's also not even close to being accurate.
From Jan. 20, 2001, to Jan. 20, 2009, the debt held by the public grew $3 trillion under Mr. Bush—to $6.3 trillion from $3.3 trillion at a time when the national economy and tax REVENUES grew as well.
By comparison, from the day Mr. Obama took office last year to the end of the current fiscal year, according to the Office of Management and Budget, the debt held by the public will grow by $3.3 trillion. In 20 MONTHS, Mr. Obama will add as much debt as Mr. Bush ran up in eight years.
Mr. Obama's spending plan approved by Congress last February calls for doubling the national debt in five years and nearly TRIPLING it in 10 years.
Mr. Bush's deficits ran an average of 3.2% of GDP, slightly above the post World War II average of 2.7%. Mr. Obama's plan calls for deficits that will average 4.2% over the next DECADE.
Team Obama has been on history's biggest spending spree, which has included a $787 billion stimulus, a $30 billion expansion of a child health-care program, and a $410 billion federal spending bill that increased nondefense discretionary spending 10% for the last half of fiscal year 2009. Mr. Obama also hiked nondefense discretionary spending another 12% for fiscal year 2010.
David Axelrod claims the pork-laden stimulus package has been a success, but Mr. Obama told Americans that if it were passed, unemployment wouldn't rise above 8%. It is now 10% and rising. The president also said it would create 3.7 million jobs, 90% of which would be in the private sector. By Mr. Obama's standards, and census takers aside, the stimulus failed miserably.
Mr. Bush did sign the Troubled Asset Relief Program (TARP) into law and loaned $240 billion to banks. But those loans are being returned AT A PROFIT to the Treasury. Rather than using those funds to pay down the deficit, Mr. Obama wants to use them for NEW spending. What's more, he has lavished some $320 billion from TARP on car companies, union allies, and pet causes that will never be fully returned.
Releasing his budget 02/01/2010, President Barack Obama told the American people:
"We won’t be able to bring down this deficit overnight, given that the recovery is still taking hold and families across the country still need help. … Just as it would be a terrible mistake to borrow against our children’s future to pay our way today, it would be equally wrong to neglect their future by failing to invest in areas that will determine our economic success in this new century."
But not only does President Obama’s budget fail to reduce deficits “overnight”, his budget actually moves them in the opposite direction. President Obama’s budget would:
- Permanently expand the federal government by nearly 3 percent of gross domestic product (GDP) over 2007 pre-recession levels
- Borrow 42 cents for each dollar spent in 2010
- Leave permanent deficits that top $1 trillion in as late as 2020
Rep. Paul Ryan (R., Wis.), the ranking member of the House Budget Committee, tells National Review Online that President Obama’s budget,
"This is a budget aimed to advance the administration’s philosophy and ideology. By increasing taxes and letting the country spiral into debt, this budget is a firm step toward transforming America into a collectivist society overseen by a social-welfare state.”
It's not too late to turn this around- God willing, theNovember elections will start the process.
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