Obama's deficit claims and the good news for Romney --- none of this will be his fault when he takes office !!

Yesterday,  Obama made this unbelievable claim: 

 “I love it when these guys talk about debt and deficits.    I inherited a trillion dollar deficit.     We signed two trillion dollars in spending cuts into law.    Spending under my administration has grown more slowly than under any president in 60 years.    They baked all this stuff into the cake with those tax cuts… and the war.  It’s like somebody goes to a restaurant, orders a big steak dinner, a martini and all that stuff, then just as you’re sitting down they leave and accuse you of running up the tab”

Obama said that the country’s budget deficits and big debt were the result of the George W. Bush’s two tax cuts, as well as the Iraq and Afghanistan wars. – B Obama, June 12, 201

Editor’s notes:  Obama pretends that the Democrats were not in control of Congress beginning with 2007 through 2010, or,   that Bush did not govern as a dictator (a novel idea to Obama). He wants you to forget that he told the press in 2009,  when being criticized for excessive spending,  “All government spending is stimulus”  --  so why is Bush the bad guy for spending?  As near as we can see,  Bush should be the Democrat’s hero. 

Obama’s Deceptive Claim

Obama  seriously hopes you will forget that he ran for the presidency on the notion that he would fix the broken economy.  He repeatedly told us the stimulus would end the recession and usher in a new season of robust economic times.  Nearly four years later,  he is still blaming Bush as he claims that his rate of spending increase is less that than any Administration in the past 60 years. 

Obama’s Deceptive Claim Explained

Before Obama,  George Bush (43) was the nation’s biggest spending president.  Few on the Right supported this fact,  but such is the truth.  Bush was the “Biggest Spender”  at $450 billion per year in deficit spending.   This includes the wars, the tax cuts (which actually came in at a zero cost) and prescription drug bill which nearly every Democrat in Congress voted for including Obama. 

Suddenly,  beginning with Obama’s first fiscal year,  beginning in October of 2009,  the deficit jumped to $1.6 trillion (from $450 billion).   Obama’s second fiscal year beginning in October of 2010,  saw a $1.3 trillion deficit with 2011 coming in with the deficit numbers  ($1.3 trillion).  His fourth year,  beginning in October of this year (2012),  will pencil in at $1.2 trillion).  When Obama is talking about “the lowest spending increases in 60 years,”  he is talking about the fact that he jumped the annual debt average from $450 billion to $1.3 trillion in his first year,  and maintained that unsustainable level of spending for the next three years.  Smoke and mirrors. 

Good News for Romney

When Obama came into office,  the national debt totaled just under $10 trillion.  By 2016,  the national debt – in part due to Obama spending policy – will be $20 trillion.  The good news???

None of it will be the fault of the new president !!!

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End notes:

Obama often talks about a Bush deficit of “a trillion dollars per year.”  The fact of the matter is this:  the only way Obama can get to that total,  is to count TARP,  but was spent under Obama’s administration.  Elizabeth Warren was one of five civilians appointed by Obama, to help in the oversight of that massive expenditure and,  at least half of the TARP allocations have been paid back.  I do not count TARP into the expenses for either Bush or Obama.