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After taking office in 2009, with spending and debt already at record high levels and the deficit headed to $1 trillion, President Obama proceeded to pass his own $830 billion stimulus, auto bailouts, mortgage relief plans, the Dodd-Frank financial reforms and the $1.7 trillion ObamaCare entitlement (which isn't even accounted for in the chart). While spending did come down in 2010, it wasn't the result of spending cuts but rather because TARP loans began to be repaid, and that cash was counted against spending.
In 2011 and 2012, the pace of spending was slowed when a new emboldened breed of Republicans took back the House promising to end the binge. The House Budget Committee, headed by Wisconsin Rep. Paul Ryan, has identified about $150 billion of new spending Mr. Obama wanted in 2011 and 2012 that Republicans would not approve. As the chart shows, government spending as a share of GDP fell, and taxes were not raised. But to attribute this drop in government spending to the president or congressional Democrats would be dishonest.
The right point of focus is not at what pace spending has grown under President Obama but instead how much more he needs to cut spending from its bloated levels to bring the economy back to health. The huge increase in spending as a percentage of GDP under Presidents Bush and Obama is the reason we are experiencing the slowest recovery since the Great Depression. As Milton Friedman understood, an economy cannot spend or tax itself into prosperity.
Originally posted by kingkra
It depends on how he runs his show. It's hard to argue debt with young people cause they aren't dumb people(well not all of them anyway). They do remember what happened the last time a Republican was in office. They don't have much of a leg to stand on as far as that is concerned. It's the pot calling the kettle black.
But after reviewing numerous corporate filings with the Securities and Exchange Commission, contemporary news accounts, company histories and press releases, and the evidence offered by both the Obama and Romney campaigns, we found no evidence to support the claim that Romney — while he was still running Bain Capital — shipped American jobs overseas.
Originally posted by jibeho
reply to post by marg6043
Obama saw this problem coming a mile away. That's why he bumped the dependency age to 26 so these "kids" can continue to suck their parents dry. Where will these kids be when their parents retire and need their support?? I suppose they will still be waiting for some Obama money... to help them along the way....