If you don't like G.W. Bush, you probably will declare that the following is wrong! This is a history lesson, so bear with me. Don't be afraid of the truth. Nothing we do can change the facts listed here!
The day the Democrats took over was not January 20, 2009 (Obama's first day as president, officially). It was actually January 3, 2007, the day the Democrats took over the House of Representatives and the Senate, at the very start of the 110th Congress. The Democratic Party controlled a majority in both chambers for the first time since the end of the 103rd Congress in 1995.
If you believe the fallacy that everything is "George Bush's Fault", think about this:
On January 3, 2007, the day the Democrats took control of Congress:
· The DOW Jones closed at 12,621.77
· The GDP for the previous quarter was 3.5%
· The Unemployment rate was 4.6%
· George Bush's Economic policies had set a record of 52 straight months of job creation!
January 3rd, 2007 was the day Barney Frank took over the House Financial Services Committee and Chris Dodd took over the Senate Banking Committee. The economic meltdown that happened 15 months later was in the Banking and Financial Services part of the economy. THANK YOU DEMOCRATS (especially Barney Frank), for taking us from 13,000 DOW, a GDP growth of 3.5%, and 4.6% unemployment to this CRISIS by dumping $5-6 trillion of toxic loans on the economy from Fannie Mae and Freddie Mac fiascos, plus many other toxic decisions! By-the-Way: Bush asked Congress 17 times to put the brakes on Fannie & Freddie – starting in 2001 because it was financially risky for the US economy. Barney blocked it and called it a "Chicken Little Philosophy" (but...the sky did fall).
Who benefitted from the melt down? Who took the THIRD highest pay-off from Fannie Mae and Freddie Mac? - Obama! And who fought against reform of Fannie and Freddie? Obama and the Democrat Congress, especially Barney Frank, Christopher Dodd, Chuck Schumer! They played the 'race card' over and over during hearings.
So when someone tries to blame Bush: Remember 1/03/2007 - the day the DEMOCRATS took over Congress. President Bush may have been in the car, but the Democrats were in charge of the gas pedal and steering wheel while they were driving the economy into the ditch. Budgets are not passed in the White House. They are passed by Congress. The party that controlled Congress since January 2007 is the Democrat Party. Furthermore, the Democrats controlled the budget process for 2008, 2009, 2010, 2011. Senator Reid has stopped all budget votes, and Obama has now gone over 1000 days without a budget. He is still blaming it on the Republicans! In that first year, 2007, Congress had to contend with President George Bush, which caused them to compromise on spending when Bush got tough on spending increases, albeit belatedly. However, for fiscal year 2009 Nancy Pelosi & Harry Reid bypassed the lame duck President Bush entirely, passing continuing resolutions to keep government running until Barack Obama could take office. At that time, they passed a massive omnibus spending bill. Where was Barack Obama during this time? He was a member of that very Congress that passed all of those massive spending bills, and as President he signed the omnibus bill to complete 2009.
Remember what the deficits looked like during that period. The Democrats inherited the 2007 deficit, the last of the Republican budgets. That deficit was the lowest it had been in five years, and the fourth straight decline in deficit spending (even with the country fighting a war). After that, Democrats in Congress took control of spending, including Barack Obama, who voted for the bills. If Obama inherited anything, he inherited it from himself and a Democratic Congress.
In a nutshell, what Obama is saying is: "I inherited a deficit that I voted for." He then expanded that deficit four-fold since January 20, 2009. Obama has grown the deficit more than any other president, ever - more than all the others combined. There is no way this will be widely publicized unless each of us teaches others!
"The problems we face today exist because the people who work for a living are outnumbered by those who vote for a living."
- Posted using BlogPress from my iPad
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