Story from Gateway Pundit. (H/T ECM)
The Obama Administration is already $292 billion in the red this year.
This is more than the national deficit for the entire year of 2006 ($248 billion).
President George W. Bush never did this.
Obama tripled the national deficit his first year in office and he’s off to a record-setting start in fiscal year 2010.
During the Bush years, despite the 2000 Recession, the attacks on 9-11, the stock market scandals, Hurricane Katrina, and wars in Iraq and Afghanistan, the Bush Administration was able to reduce the budget deficit from 412 billion dollars in 2004 to 162 billion dollars in 2007, a sixty percent drop. In 2004 the federal budget deficit was 412 billion dollars. In 2005 it dropped to 318 billion dollars. In 2006 the deficit dipped to 248 billion dollars. And, in 2007 it fell below 200 billion to 162 billion dollars. During the Bush years the average unemployment rate was 5.2 percent, the economy saw the strongest productivity growth in four decades and there was robust GDP growth.
Please read my previous post that features two Harvard economics explaining why massive government spending drives unemployment up. You can’t fix an economy with spending. You fix it with tax cuts, especially for businesses who hire people. For example, we could cut the employer portion of payroll taxes completely. (That idea is from a different Harvard economist)
There are people I know who voted for Obama because McCain and Palin would spend more. I asked them to look at voting records and ratings from groups advocating fiscal conservatism, like Citizens Against Government Waste, the American Conservative Union, and the Club For Growth. But they kept talking about Sarah Palin’s wardrobe, because that’s all they saw on MSNBC.