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News Link • Government Debt & Financing

A Serious Prescription For Obama's Budget Fallacies

That's where the so-called "prosperity" came from. You borrowed it. That "credit card"? It never got cut up. Not from the 1980s onward. You're lying Barry. To give you an idea of how much damage this caused to our national checkbook, consider this: in the last decade, if we had simply found a way to pay for the tax cuts and the prescription drug benefit, our deficit would currently be at low historical levels in the coming years. Another lie. Again, the above chart. Of course, that’s not what happened. And so, by the time I took office, we once again found ourselves deeply in debt and unprepared for a Baby Boom retirement that is now starting to take place. When I took office, our projected deficit was more than $1 trillion. On top of that, we faced a terrible financial crisis and a recession that, like most recessions, led us to temporarily borrow even more. In this case, we took a series of emergency steps that saved millions of jobs, kept credit flowing, and provided working families extra money in their pockets. It was the right thing to do, but these steps were expensive, and added to our deficits in the short term. So that’s how our fiscal challenge was created. This is how we got here. And now that our economic recovery is gaining strength, Democrats and Republicans must come together and restore the fiscal responsibility that served us so well in the 1990s. We have to live within our means, reduce our deficit, and get back on a path that will allow us to pay down our debt. And we have to do it in a way that protects the recovery, and protects the investments we need to grow, create jobs, and win the future. You intend to do no such thing. Neither do the Republicans. You're all liars.

1 Comments in Response to

Comment by Powell Gammill
Entered on:

Actually 'Preparation H' is still over the counter.

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