Saturday, August 6, 2011
Why blame Obama for W's deferred debt. How informed would that person be?
Bush inherited a $200 billion annual surplus. Bush's policies (tax cut, wars, Medicare Part D, TARP) turned that into a $1 trillion deficit, plus left us in the deepest recession in 80 years. For Obama to not have added to the deficit, he would have to have turned that $1 trillion deficit into a balanced budget instantaneously upon taking office, which is impossible. If he had raised taxes and lowered spending enough to balance it on the books, we would have a full-blown depression and tax receipts would plummet. The only thing Obama has done that has added to the debt is to not undo Bush's policies, which Republicans would filibuster anyway. This is all on the GOP.
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