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Repeat After Me: Obama Cut the Deficit and Slowed Spending to Lowest Level in 50 Years

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Repeat After Me: Obama Cut the Deficit and Slowed Spending to Lowest Level in 50 Years

Posted: 10/10/2012 3:43 pm

Illustrative of his contempt for the truth, Mitt Romney's campaign website continues to host the following statement: "Since President Obama assumed office three years ago, federal spending has accelerated at a pace without precedent in recent history."

On Friday, we discovered yet another reason why this is a super-colossal lie.

With the end of fiscal year 2012, the Congressional Budget Office announced the 2012 federal budget deficit: $1.1 trillion. Taken purely at face value, this number is enormous. Yet every Democrat, and especially the Obama campaign, ought to be telling anyone who will listen: Not only has the president cut the deficit by $312 billion during his first term (so far), but he's cut the deficit by $200 billion in the past year alone. And the CBO projected that the 2013 Obama budget, if enacted as is, would shrink the deficit to $977 billion -- a four year total of nearly $500 billion in deficit reduction.

Okay, yeah, I get it. It's risky to mention the deficit, but not when you couch it in math and the facts.

As I've documented before, the CBO reported in January, 2009 that the federal budget deficit for that fiscal year, which began on October 1, 2008, was already $1.2 trillion. President Obama's additional '09 spending added another $200 billion to the deficit, bringing the total to $1.412 trillion. Unprecedented and huge, but given the enormity of the financial crisis and the depth of the recession, there weren't many other options on the table. Add two wars into the mix and there you go.

But since then, deficit spending has dropped precipitously. Why? Chiefly because President Obama signed the Statutory Pay-As-You-Go Act in February, 2010, which mandates that new spending be offset with spending cuts or new revenue. Yes, a Democratic president and a Democratic Congress passed this legislation. Guess how many congressional Republicans voted for the law. ZeroNot one. Perhaps during this week's debate, Vice President Biden could ask Rep. Paul Ryan who voted against the bill.

Consequently, the president is responsible for the lowest government spending growth in 60 years,according to the Wall Street Journal's Market Watch.

2012-10-10-chart_spending_growth.jpg

Once again, Mitt Romney's website still contains the words: "Since President Obama assumed office three years ago, federal spending has accelerated at a pace without precedent in recent history." Pants on fire times a thousand.

Fact: the president's record is exactly the opposite of what Romney says. And how long ago was this statistic released by the Wall Street Journal and subsequently affirmed by fact checkers? Five months ago. On September 26, when asked about his record of mendacious claims, Mitt Romney told CNN's Jim Acosta, "We've been absolutely spot on. And any time there's been anything that's been amiss, we correct it or remove it." Oh yeah? Well, Mr. Romney, you missed a whopper.

Another whopper: during Romney's "winning" debate against the president last week, he claimed, "The president said he'd cut the deficit in half. Unfortunately, he doubled it." Another lie. Yes, the president said he'd cut the deficit in half -- but he absolutely did not double it. As I've outlined here, he's cut the deficit by 22 percent so far -- 35 percent by the end of 2013.

Furthermore, I can name two Democratic presidents who've cut the deficit through the duration of their presidencies: Clinton and Obama. And what about Republican presidents? Bush 43? He turned a $200 billion surplus into a $400 billion deficit by the end of his first term, and a $1.2 trillion deficit by the end of his second term. Bush 41? No. Reagan? No. Ford? No. Nixon? No. The last Republican president who cut the deficit was Eisenhower. By the way, I'm sick of hearing the farcical line about Congress "controlling the purse strings." Any six-year-old child who's watched a Schoolhouse Rock cartoon knows the president signs all legislation before it becomes law, including appropriations bills. The House can't magically spend money without a presidential signature. Besides, if the president is to be blamed for the size of the deficit -- and the Republicans have been merciless on the president in this area in spite of reality, and their own party's record -- it's only fair that he should get credit when the deficit is reduced.

Yet without objections, the Romney campaign and the Republicans continue to champion their status as "fiscal hawks" even though the facts prove that to correlate "fiscal responsibility" and "Republican Party" is absurd on its face. Even though Romney's plan for the deficit and the economy is as shifty, murky and ambiguous as he is, there appears to be nothing -- absolutely nothing -- about the Romney plan that's any different from every Republican presidential plan in recent history, but we're supposed to believe that Romney will cut the deficit anyway. In fact, as we all know by now, Romney is proposing $5 trillion in un-funded tax cuts, as well as massive increases in military spending, and, if Romney wins, you can bet the Republicans will jettison their deficit and debt hawkery into the next nearest memory hole to be forgotten until another Democrat enters the White House.

If the Obama campaign and the Democrats can talk about the deficit in these terms, it undercuts one of the leading Republican attacks and becomes a winning issue for the president. Plus it helps to cement the reality of Mitt Romney The Pathological Liar.

by on Oct. 11, 2012 at 1:50 PM
Replies (21-30):
Xlandria
by Bronze Member on Oct. 12, 2012 at 3:15 AM
3 moms liked this


Quoting NewYorkMommy103:

Jobless? Didn't the unemployment rate fall to a all time low? Homeless? Obama is HELPING families who are on the verge of losing their house KEEP their homes. Spend like crazy? Did you not see the graph chat showing how little Obama has spent? And infact what he has spent money on was things for everyday people, but mostly STRUGGLING people. Did you know republicans especially Romney wanted to cut head start programs for our young children? So much for our next generation huh?



Romney is all about money war, and dictatorship. He doesn't care about you or your children. He destroyed Massachusetts! he couldn't even run his own state, but you people think he can run a whole country? You have to be kidding me!!!!!



Quoting Lisa1273:

Quoting NewYorkMommy103:

People fail to see this PROOF for what it is. Obama did a fantastic job and will continue to do a fantastic job for another 4 years!! i loved this article










Oh yeah, tell people who are jobless, homeless and in way more debt than they were 4 years ago. By the way, how did Obama do with the deficit the last 4 years. I'll help you, they spent like crazy! Pathetic!





Romney 2012!


You have to be kidding me! You believe that stuff you're putting out there? You need to educate yourself to the real facts, here in the real world. Romney did NOT destroy MA. In fact, he turned that state around, was able to work with both Dems & Repubs, took that state into the black and even put a health care plan in place. Now, you say that Romney doesn't care about the citizens? Is that why he gave away all his inheritance? Refused salaries for both the U.S. Olympics & as governor and just last year, his tax rate was around 40%, I believe, I'll need to check that to be sure. A dictator and war monger. I'd like to know the basis of those statements. Apparently you have been listening to those ads the Obama campaign has put out. Do you realize that Obama has spent $240 Million on ads slimming Romney? That's all he's got since he has nothing to be proud of doing as president. Well, he has done mountains of lying, it's what he does best of all.

143myboys9496
by Gold Member on Oct. 12, 2012 at 6:19 AM
5 moms liked this

Good gravy..take of the rose colored glasses..

Employment at an all time low?? Are you aware that the unemployment rate does NOT take into account those that have given up looking or have reached the end of the 99weeks? Have you considered that this is now the "holiday season" for shopping, retailers are hiring their ANNUAL allotment of seasonal employees.

HELPING??? Families keep their homes??? THAT is outright BULL SHIT. I am underwater on my home, and canNOT modify or refinance my mortgage because of it's loan to value ratio. The loan to value ratios for HARP AND HAMP are almost the same as having equity....almost because if it counted for equity I'd be able to friggin refinance.

3 of the big banks, Bank of America, and Wells Fargo (the 3rd escapes me)were taken to court and found guilty of fraudulently foreclosing on people's homes. They're SUPPOSED to be paying out and modifying mortgages, have they??? NOPE..not a one.

Has the Obama gov't prosecuted ANY of the banks and players for their illegal acts??? NOPE not a one

Oh and by the way..it was the DEMOCRATS that pulled the rip cord on deregulation and subprime mortgages, NOT the republicans.

And I can overwhelmingly, categorically with 100% certainity say I AM NOT BETTER OFF NOW THAN I WAS 4 YEARS AGO. For the 1st time in my 21 yr marriage I have over $10K in credit card debt. My bills haven't changed, AND I was fortunate enough to get a market adjustment raise...didn't make a difference.

You know Sallie Mae?? The gov't student loans?? Those crooks had the unmitigated GALL to charge me 12.9% intrest for my son's student loan. Based on credit score?? BULL SHIT...my credit score is 840. I had to call 3 other banks to get a student loan with a RESONABLE interest rate 7.89%. I've been saving for their college tuition for over 10 years, thanks to the democrats, what's in there now, is equivalent to my monthly deposit x120 months.

What "things for everyday people, struggling people" did he spend money on??? I'm struggling..and I haven't gotten SHIT..oh wait I have gotten SHIT...ON. I've gotten nothing..Our next generation??? I don't know about you, but my sons won't be able to live on their own due to student loans. Because the democrats KILLED MY DREAM OF PAYING FOR THEIR COLLEGE. I saved every month for 10 years for them..and I might as well put it in a coffee can in the backyard.

So NO Obama has not done a great job..not even a so-so job. He's done a SUCK ASS job.

Quoting NewYorkMommy103:

Jobless? Didn't the unemployment rate fall to a all time low? Homeless? Obama is HELPING families who are on the verge of losing their house KEEP their homes. Spend like crazy? Did you not see the graph chat showing how little Obama has spent? And infact what he has spent money on was things for everyday people, but mostly STRUGGLING people. Did you know republicans especially Romney wanted to cut head start programs for our young children? So much for our next generation huh?



Romney is all about money war, and dictatorship. He doesn't care about you or your children. He destroyed Massachusetts! he couldn't even run his own state, but you people think he can run a whole country? You have to be kidding me!!!!!



 

143myboys9496
by Gold Member on Oct. 12, 2012 at 6:30 AM
3 moms liked this

 

Quoting Xlandria:

 

Quoting NewYorkMommy103:

Jobless? Didn't the unemployment rate fall to a all time low? Homeless? Obama is HELPING families who are on the verge of losing their house KEEP their homes. Spend like crazy? Did you not see the graph chat showing how little Obama has spent? And infact what he has spent money on was things for everyday people, but mostly STRUGGLING people. Did you know republicans especially Romney wanted to cut head start programs for our young children? So much for our next generation huh?



Romney is all about money war, and dictatorship. He doesn't care about you or your children. He destroyed Massachusetts! he couldn't even run his own state, but you people think he can run a whole country? You have to be kidding me!!!!!



Quoting Lisa1273:

Quoting NewYorkMommy103:

People fail to see this PROOF for what it is. Obama did a fantastic job and will continue to do a fantastic job for another 4 years!! i loved this article










Oh yeah, tell people who are jobless, homeless and in way more debt than they were 4 years ago. By the way, how did Obama do with the deficit the last 4 years. I'll help you, they spent like crazy! Pathetic!





Romney 2012!


You have to be kidding me! You believe that stuff you're putting out there? You need to educate yourself to the real facts, here in the real world. Romney did NOT destroy MA. In fact, he turned that state around, was able to work with both Dems & Repubs, took that state into the black and even put a health care plan in place. Now, you say that Romney doesn't care about the citizens? Is that why he gave away all his inheritance? Refused salaries for both the U.S. Olympics & as governor and just last year, his tax rate was around 40%, I believe, I'll need to check that to be sure. A dictator and war monger. I'd like to know the basis of those statements. Apparently you have been listening to those ads the Obama campaign has put out. Do you realize that Obama has spent $240 Million on ads slimming Romney? That's all he's got since he has nothing to be proud of doing as president. Well, he has done mountains of lying, it's what he does best of all.

 Xlandria is right. Romney DID put a healthcare plan in place for MA. It's also optional..huh imagine that...I don't HAVE to have masshealth. Because it's for people that can't get insurance thru their employer, can't afford to pay for private insurance...etc. And you know what..it's OPTIONAL.

War monger??? Where did you hear that??? Because he wants to hold China accountable?? Because he wants to STOP borrowing money from China?? or because he's not going to skip from country to country apologizing for America??? Has ANY other country's rulers, dictators, or presidents apologized for their countries?? NOPE.

You should go to Romney's website and READ what his plan is. I'm saying it's time for something DIFFERENT. Obama has tried what every other president has tried and failed miserably at it.Romney's plan is different, something that hasn't been done before, IMHO it's worth a try.

Simmeringhearts
by on Oct. 12, 2012 at 8:11 AM
4 moms liked this

WE CAN'T AFFORD ANOTHER 4 YEARS!

tnmomofive
by Silver Member on Oct. 12, 2012 at 8:24 AM
4 moms liked this

Someone took care of this bs eons ago when they stated that IF this were so Obama and Biden and that entire admin would be boasting like crazy! Are you kidding me? REALLY??

imamomzilla
by on Oct. 12, 2012 at 8:27 AM
2 moms liked this

 

143myboys9496
by Gold Member on Oct. 12, 2012 at 8:33 AM
3 moms liked this

 That's right. It's sad that Obama and his campaign have sunk so low as to slander. Shame, shame, shame.

Quoting imamomzilla:

 

 

imamomzilla
by on Oct. 12, 2012 at 8:41 AM
2 moms liked this

 Where is Hillary when we need her???

shouting

"Shame on You, Barack Obama"

 http://youtu.be/3OtAVL0Jue8

 

Quoting 143myboys9496:

 That's right. It's sad that Obama and his campaign have sunk so low as to slander. Shame, shame, shame.

Quoting imamomzilla:

 

 

 

Gaileey
by on Oct. 12, 2012 at 8:51 AM
1 mom liked this

it's really sas that Romney/Tea party/fox news will scramble and find so called facts (LOL) to support bad mouthing our current administration - and they can find a way to convince people they are being true and accurate - the facts are there though.  PEople need to change the channel and get some new from other sources.

 

Billiejeens
by Ruby Member on Oct. 12, 2012 at 9:06 AM


Quoting NewYorkMommy103:

People fail to see this PROOF for what it is. Obama did a fantastic job and will continue to do a fantastic job for another 4 years!! i loved this article

What do you see as his fantastic accomplishments?

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