Our President:
"..After Democrats and Republicans committed to fiscal discipline during the 1990s, we lost our way in the decade that followed. We increased spending dramatically for two wars and an expensive prescription drug program – but we didn’t pay for any of this new spending. Instead, we made the problem worse with trillions of dollars in unpaid-for tax cuts – tax cuts that went to every millionaire and billionaire in the country; tax cuts that will force us to borrow an average of $500 billion every year over the next decade.
To give you an idea of how much damage this caused to our national checkbook, consider this: in the last decade, if we had simply found a way to pay for the tax cuts and the prescription drug benefit, our deficit would currently be at low historical levels in the coming years.
Of course, that’s not what happened. And so, by the time I took office, we once again found ourselves deeply in debt and unprepared for a Baby Boom retirement that is now starting to take place. When I took office, our projected deficit was more than $1 trillion. On top of that, we faced a terrible financial crisis and a recession that, like most recessions, led us to temporarily borrow even more..."
(Source)
"..After Democrats and Republicans committed to fiscal discipline during the 1990s, we lost our way in the decade that followed. We increased spending dramatically for two wars and an expensive prescription drug program – but we didn’t pay for any of this new spending. Instead, we made the problem worse with trillions of dollars in unpaid-for tax cuts – tax cuts that went to every millionaire and billionaire in the country; tax cuts that will force us to borrow an average of $500 billion every year over the next decade.
To give you an idea of how much damage this caused to our national checkbook, consider this: in the last decade, if we had simply found a way to pay for the tax cuts and the prescription drug benefit, our deficit would currently be at low historical levels in the coming years.
Of course, that’s not what happened. And so, by the time I took office, we once again found ourselves deeply in debt and unprepared for a Baby Boom retirement that is now starting to take place. When I took office, our projected deficit was more than $1 trillion. On top of that, we faced a terrible financial crisis and a recession that, like most recessions, led us to temporarily borrow even more..."
(Source)
6 comments:
Repubs, the party of "fiscal conservatives", don't like the base being reminded that their politicians are full of crap when it comes to reducing deficits. They only scream if it's the other side of the aisle spending money.
We know they're full of crap, 4:27.
That's what the Tea Party is all about.
And we're gonna hold their feet to the fire.
Democrats are a one trick pony.
Did he forget that Democrats won and controlled both chambers of Congress after November 2006, when Barry was in the Senate, and never sent a single bill to Bush that he vetoed?
6:15 - Yup, it's been my experience that the democrats NEVER take responsibility for their policies (or lack thereof) and consistently blame it on republicans. They have had control for a few years and did nothing but continue spending and handouts.
I believe they think that by doing so the masses will continue to vote them in and the prize will be?
Who knows really - except for those who hold power. And from that small group of elitists who hold power death and mayham will come to us.
For those that are going to argue that consider this. Look back into history and you will see that every country ruled by a dictator has failed.
The Robin Hood tactics of the Left for the last 60 years have been a total financial and social failure. The current mess is the result of both the Left and RINOs on the Right. The time has come for a balanced budget Constitutional Amendment to end this insanity.
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