Monday, April 23, 2012

It IS Obama's Debt

Obama supporters, Paul Krugman leading the charge, are claiming that the situation in which we find ourselves has nothing to do with him because he has been “confronted both with a very bad economy and with complete political obstruction.” Poor little victim, sitting in the White House, wringing his hands and powerless to affect his own destiny.

The debt is not his fault because the problem has to do with a poor economy. It’s not spending that’s too high, or taxes that have been reduced too much, both of those things were done by Republicans, it’s merely that the economy crashed and the GDP is too low.

Wait. President Obama extended the “Bush tax cuts” for two years. That was not something forced upon him by an obstructionist Congress, that was an agreement that he entered into before the bill was even written, let alone passed by Congress.

President Obama proudly proclaimed in a recent campaign speech, “I’ve cut taxes for small businesses seventeen times.” That’s one reason why no one should vote for him; seventeen business tax cuts in less than three years is insane fiscal policy.

Oh, yes, and about that federal debt; two years of renewed “Bush tax cuts,” seventeen additional business tax cuts, and two years of payroll tax cuts for individuals did not add to the debt? If you think so I have a bridge I want to talk to you about.

1 comment:

bruce said...

"Paul Krugman says that the amount of debt a nation has is irrelevant, that what matters is the ratio between a nation’s debt and its GDP."

I hardly think that any debt is "irrelevant", and as anyone with a brain can tell, GDP is somewhat down lately, and a whole lot down for many other countries. And he says mor debt /spending /inflation is good? The man is an idiot.

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