Saturday, January 17, 2015

Obama's Record On Debt, Deficits Is Worst Ever

Federal Spending: Time was, a half-trillion-dollar deficit would have been denounced as a national disgrace and a sign of failed leadership. When the president reported the 2015 shortfall will be $483 billion, he took a victory lap.
'The deficit has gone down by two-thirds since I was president of the United States," President Obama said, calling his budgeting "responsible." This would be like calling Johnny Manziel's first year as an NFL quarterback "successful."
Under Obama's fiscal stewardship, the deficit has risen more than $7 trillion, including the three largest deficits since World War II. The huge $1.1 trillion deficit of 2009 we can assign equally to the foolish bailout and "stimulus" policies of George W. Bush and Obama.
But while Obama inherited a fiscal mess, his first order of legislative business was to make it worse by adding another $830 billion in deficit spending.
Then came auto bailouts, cash for clunkers, green energy programs, unemployment and food stamp expansions, and ObamaCare subsidies, among other spending that was trumpeted as a pick-me-up for the economy. Well, we got the debt, but instead of a growth spurt, we got the flimsiest expansion in half a century.
It only worsened the deficit, which eventually reached $1.4 trillion. The deficit is down by two-thirds only because of Obama's woeful malperformance.
When it comes to the burden of deficits, measured as a share of the overall economy, Obama is the all-time champ of fiscal incompetence.
Read the rest of the IBD Editorial HERE.

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