Okay, I have had it with this President's blatant dishonesty. His speech today was appallingly deceitful and misleading. This President, has spent more money and added more debt than any other President in history. This is not political rhetoric, this is simply fact! Barack Obama's budget deficit in March of 2011 was larger than the deficit for all of 2007!
According to Obama's 2012 Budget Proposal, under Historical Tables, the budget deficit under George Bush first peaked in 2004 at $412 billion dollars. Between 2005 and 2007 the budget deficit declined by $252 billion to reach its low, under Bush, at $160 billion. If the tax cuts and wars, both occurring in 2001 and 2003, caused our current financial situation, how did the deficit fall between 2004 to 2007? Because Tax Cuts increase revenue to the government by allowing people and business to invest more of their own money. As people invest they conduct taxable transactions which bring in revenue to the government.
So where did Obama come up with the claim that he inherited a trillion dollar deficit? In 2008, the deficit under Bush climbed to a new high of $458 billion. The reason for the climb was the fiscal stimulus and emergency spending as a result of the financial crises. However, this number is somewhat misleading. The fiscal year for 2008 ended in October of that year, pushing much of the onetime emergency spending on the 2009 budget. When you add that spending onto the budget baseline, you come up with a deficit for 2009 of $1.4 trillion. While Obama is correct that he is not solely responsible for the 2009 budget, he is lying by not informing the American people most of the deficit was "one time emergency spending." He, Barack H. Obama, chose to put that spending in the baseline budget for the next decade. Thus, we have $1 trillion dollar deficits for as far as the eye can see.
The President claimed that we didn't "pay for" the tax cuts. Excuse me Mr. President, when someone takes a pay cut, do they have to "pay for it?" A tax cut means the government simply takes less of YOUR money, what is there to pay for? This, seemingly innocuous, difference comes from the President's view that government has a right to your money. To Obama, it is not your income, but governments', and government not taking all of your money is an act of compassion. Obama believes that by leaving more of your money in your pocket, it is the equivalent of government sending you a check! If government sends you a check, that means government must "pay for" the tax cut. Unbelievable!