for the first time in history U.S debt was downgraded. The Left still denies that President Obama has a lot of responsibility for this situation, instead laying blame on Republican refusal to raise taxes on the rich.
As I have written previously, it is dishonest to give voters the impression that tax increases on the rich is a solution to the deficit. In the latest projection by the Congressional Budget Office, the ten year deficit is estimated at 13 trillion dollars. By contrast, Obama’s various tax increases on the rich will only bring in 1 trillion in the same period.
The 13 trillion dollar deficit which the President helped create and long terms entitlement deficits are the main reason why S&P downgraded U.S debt, not the 1 trillion in tax increases which Republicans prevented…
…Let me illustrate how much of a departure from history the Obama Presidency represents in terms of spending. I will graph non-defense federal spending as a share of GDP since 1975.
That’s not all…
The long-term unemployment rate under Obama also forms a hockey stick.
And don’t forget… The deficit under Obama also looks like a hockey stick.
Obama tripled the deficit when he came into office.
The Obama deficit this year is expected to reach $1.29 trillion. (The Captain’s Comments)