Wrong Again: Confused Obama Believes You Can’t Reduce Deficit Without Raising Taxes
Big Spender Obama, who increased the federal budget by 30% in the last 3 years, told
his fan club reporters today that you can’t reduce the deficit without taxing the hell out of producers raising taxes.
Obama promised to cut the deficit in half back in 2009. Instead he tripled it his first year in office and it’s only getting worse.
The Obama deficit this year may reach $1.65 trillion. (The Captain’s Comments)
This may come to a surprise to Obama but…
The Bush tax cuts grew the economy and paid down the deficit.
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.
Not only were more jobs lost initially after the 9-11 attacks in 2001 than in the 2008 market crash, but more jobs were created by President Bush’s pro-business policies and tax cuts than by the Obama-Pelosi “spend your way to hell” Keynesian failure.
But, since when did facts matter to our socialist leader?