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Title: Obama’s Favorite Campaign Lie Exposed: Bush Tax Cuts and the Deficit Myth
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URL Source: http://whostolemycareer.com/2010/07 ... tax-cuts-and-the-deficit-myth/
Published: Jul 14, 2010
Author: Dave Horne
Post Date: 2010-07-14 12:56:41 by no gnu taxes
Keywords: None
Views: 10781
Comments: 26
DJH: I’ve become ambivalent about Obama’s latest Election 2010 stump speech; you know the one that goes: “[Conservatives] spent a decade driving the economy into a ditch. And now they’re asking for the keys back. And my answer is, no, you cant have the keys. You can’t drive. You don’t know how to drive. You drive in the wrong direction. You can’t have them back. We’re just getting the car out of the ditch. We can’t have you drive it back in the ditch. “ I’m ambivalent because this stupid line is clearing failing to pass the “sniff test” with all but the most virulent liberal audiences and I’m hoping he keeps it up everywhere goes — it’s winning votes for fiscal conservatives. Another reason I’m ambivalent is because it’s a complete lie and one that can easily be disproved; just follow me. January 20, 2007 — Nancy Pelosi Named Speaker of the House Despite Obama’s clever repartee, fiscal 2006 was the last year that Bush and the republicans “owned” the federal budget and thus the deficit. Any and all spending and appropriations enacted after January 20, 2007 were done by Speaker of The House Ms. Nancy Pelosi. In case you missed it, Pelosi was no lap dog for Bush. Also, prior to being thrown out of office by John Thune on January 20th, 2004, Tom Daschle earned the title of “Mr. Obstructionist” by blocking just about all of Bush’s economic agenda; specifically, he delayed the Bush tax cuts by over a year. So, contrary to Obama’s latest “skit,” Bush and the republicans did not own the budget (and thus the economy) for the past decade. They only owned it for the four-year period from January 20th 2003 to January 20th 2007, and the US economy did very, very well during that four-year period. The Onslaught of Pelosi’s Runaway Debt Compare what happened to our annual deficit (and national debt) during the Bush era versus the Pelosi era: At Least Bush Grew The Economy! As I have said before, I like most of what Bush did up until the Harriet Miers nomination for the SCOTUS, after that not so much. Way too much spending. That said, unlike Obama, Bush grew the economy to help pay for his big government spending: 
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#3. To: no gnu taxes (#0)
Yves here. I am not terribly optimistic about the survival of the “open world economy”. I believe that (absent measures like Keynes’ Bancor proposal) large trade flows over time produce destabilizing international capital flows. Citizens are not prepared to suffer sudden, dramatic losses of savings and high odds of unemployment or reduced income in the name of world trade. Containing the downside would require a considerable loss of national sovereignity, which again few are prepared to accept. Moreover, much of America seems blithely unaware of our diminished role in the world. Likewise, financiers, having wrested massive concessions from national governments (bailouts with almost no concessions demanded of them) if anything view themselves as even more influential than before the crisis. In other words, both the distorted self image of key players and a reluctance to admit the deep seated nature of the problems make a happy resolution unlikely.
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