Tags: obama | deficit | bush | blame

WSJ: Obama Throws Blame for 90 Percent of Budget Deficit on Bush

Tuesday, 25 Sep 2012 11:57 AM

By Newsmax Wires

Share:
  Comment  |
   Contact Us  |
  Print  
|  A   A  
  Copy Shortlink
President Barack Obama is using a series of specious arguments to duck out of responsibility for 90 percent of the budget deficit, according to a Wall Street Journal editorial.

Journal editors cite his remarks from CBS’ “60 Minutes” Sunday and then proceed to debunk them.

"When I came into office, I inherited the biggest deficit in our history,” Obama said on the show. “And over the last four years, the deficit has gone up, but 90 percent of that is as a consequence of two wars that weren't paid for, tax cuts that weren't paid for, a prescription drug plan that was not paid for, and then the worst economic crisis since the Great Depression.”

As for the record deficit claim, “the biggest annual deficit the modern government has ever run was in 1943, equal to 30.3 percent of the economy, to mobilize for World War II,” the editorial states. “The deficit in fiscal 2008 was a mere 3.2 percent of GDP.”

When it comes to the war, tax cuts, and the drug plan, “liberals continue to claim that the main causes of the current fiscal mess are tax rates established in, er, 2001 and 2003 and the post-9/11 wars on terror,” Journal editors write. “But by 2006 and 2007, those tax rates were producing revenue of 18.2 percent and 18.5 percent of GDP, near historic norms.”

And it’s a bit disingenuous for Obama to blame these policies, given that he has endorsed nearly all of them, the editorial says.

As for the Great Depression argument, “Mr. Obama keeps dining out on the excuse of the recession, but that ended halfway through his first year,” Journal editors explain. “The 2008 crisis is long over. The crisis now is Mr. Obama's non-recovery.”



© 2014 Newsmax. All rights reserved.

Share:
  Comment  |
   Contact Us  |
  Print  
  Copy Shortlink
Around the Web
Join the Newsmax Community
Please review Community Guidelines before posting a comment.
>> Register to share your comments with the community.
>> Login if you are already a member.
blog comments powered by Disqus
 
Email:
Retype Email:
Country
Zip Code:
 
Hot Topics
Follow Newsmax
Like us
on Facebook
Follow us
on Twitter
Add us
on Google Plus
Around the Web
You May Also Like

Paul Ryan Will Offer Anti-Poverty Plan

Wednesday, 23 Jul 2014 07:27 AM

House Budget Committee Chairman Paul Ryan will announce Thursday a new plan that would consolidate existing anti-poverty . . .

GOP Task Force to Offer Border Plan

Wednesday, 23 Jul 2014 07:26 AM

House Republicans will present legislation to boost the National Guard troop presence at the border and to expedite depo . . .

Boehner in Squeeze Between Ohio Exporters, Republican Ex-Im Foes

Wednesday, 23 Jul 2014 07:13 AM

House Speaker John Boehner is getting pressure to reauthorize the U.S. Export-Import Bank from a lobby that's hard to ig . . .

Most Commented

Newsmax, Moneynews, and Independent. American. are registered trademarks of Newsmax Media, Inc. Newsmax TV, NewsmaxWorld, NewsmaxHealth, are trademarks of Newsmax Media, Inc.

 
NEWSMAX.COM
America's News Page
©  Newsmax Media, Inc.
All Rights Reserved