"After wasted, failed stimulus packages 1, 2, 3, and more, federal deficits over the first two years of Obamanomics now total a record smashing $2.7 trillion. As the Wall Street Journal explained yesterday:
That's…more than the entire amount during the Reagan Administration when deficits were supposed to be ruinous. Now liberal economists tell us that deficits are the key to restoring prosperity. But all we have to show for spending nearly 25% of GDP for two years running is a growth rate of 1.7% and 9.6% unemployment.Indeed, under CBO projections, the national debt will have doubled by 2012 in just 4 years to $11.6 trillion, and quadrupled by 2020 to $20.3 trillion. As Brian Riedl of the Heritage Foundation has observed, Obama's budgets will run up more debt over eight years than all other Presidents in American history -- from George Washington to George Bush -- combined."
Obama continues to blame Bush for the current economic woes .....
"No president of the United States can create either a budget deficit or a budget surplus. All spending bills originate in the House of Representatives, and all taxes are voted into law by Congress. Democrats controlled both houses of Congress before Barack Obama became President. The deficit he inherited was created by the Congressional Democrats, including Sen. Barack Obama, who did absolutely nothing to oppose the runaway spending. He was one of the biggest spenders."
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