Last year Barack Obama took ownership of the economy but today President Obama once again bashed George Bush for the dismal economic climate he created in the United States.
Click on Deficit Chart for Video–
Of course, not a word of that was true.
Three weeks ago the Obama Administration announced that the July deficit totaled $165 billion…
That’s more than the Bush deficit for the entire year of 2007.
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.
After an unheard of record deficit last year of $1.4 Trillion the economy is on track to experience a $1.47 Trillion deficit this year.
The stock market is currently down 130 points on the day.
Related… Here’s more proof that democrats are to blame for current recession.
