Monday, April 18, 2011

Obama’s Tax and Spend Irony

By Robert Romano
When he addressed students at George Washington University on the dire fiscal emergency facing the nation, Barack Obama attempted to lay blame for the $1.645 trillion budget deficit at the feet of tax cuts enacted in 2001 and 2003.

Obama said, “we made the problem worse with trillions of dollars in unpaid-for tax cuts — tax cuts that went to every millionaire and billionaire in the country; tax cuts that will force us to borrow an average of $500 billion every year over the next decade.”
There’s only one problem. It’s not true.

In 2007, with the current tax rates in place the budget deficit was $160.7 billion, but it is projected by the Office of Management and Budget to rise to $1.645 trillion this year. That’s a 923 percent increase, and it is adding velocity to the growth of the $14.2 trillion national debt.
Get full story here.

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