To follow up on Adam L’s post, debunking the right’s lies about taxes, here’s the world’s greatest graph, courtesy of the NY Times and the Center on Budget and Policy Priorities:
In other words: the debt exploded thanks to Bush/Republican tax cuts (which went mostly to the wealthy), wars in Iraq and Afghanistan, the Great Recession (Bush’s legacy), and the Medicare Part D giveaway to drug companies.
The notion that Obama and the Democrats have spent us into massive debt is a lie. Anyone who says so explicitly or implicitly is a lying liar. Anyone who attempts to deflect blame away from President Bush and the Republicans who backed him for the current debt is a lying liar.
So, what say you, New Jersey Republican Congressional delegation?
“I think what’s different is people understand now that we’re borrowing 40 cents for every dollar we spend, and that if that continues our economy will collapse upon itself. That wasn’t the reality in 1995. We had certainly had problems then, but the fiscal situation was not at the crisis that it is now,” he said.
There was finger-pointing going on across the aisles, from both parties, in an attempt to place blame for situation, but LoBiondo said the onus is on the White House.
“…Democrats want to continue spending, not control spending like the GOP Freshmen were elected on.”
He [Smith] added that the national debt is on course to double in ten years, “an exponential increase that is completely unsustainable.” He said the academics’ reaction was therefore “disappointing in the extreme.”
In contrast, he argued that the Republicans were advocating tough but necessary policies.
Obama “says that he wants to work with us to begin reining in spending, but … (his budget goes) in exactly the opposite direction,” said New Jersey Rep. Scott Garrett, a top House Budget Committee Republican. “Today is Valentine’s Day, but I don’t know if this is the card that America was hoping to get from the administration. It’s a card that says you owe more to the federal government.”
“Out of control spending on ObamaCare, bank bailouts, and failed stimulus plans is costing trillions of dollars in borrowing,” Lance said. “Our current fiscal path is unsustainable. An aggressive plan is needed to tackle the debt and put our Nation on a glide path toward fiscal restraint and reduced spending. Congress and the President cannot continue spending money that we simply do not have.”
“The facts speak for themselves: President Obama has overseen the most fiscally reckless period in the history of our country. The budget deficit – the difference between what our government collects every year and what the government spends every year – eclipsed $1 trillion for the first time in history in fiscal year 2009, reaching $1.4 trillion.”
These gentlemen are either blatant liars or suffering from massive delusion. Republican policies got us into this mess – period. More of the same will not get us out.