On Tuesday, GOP presidential candidate Mitt Romney railed against President Obama for what the vulture capitalist called a “prairie fire of debt,” insisting that the president has “spent more and borrowed more” instead of putting out the fire. Romney accuses Obama of increasing the budget deficit while overseeing a “melancholy” economic recovery.
Once again, Mittens lies through his million dollar pearly whites.
As ThinkProgress points out:
Federal spending is lower now than it was when President Obama took office. I’ll pause to let you absorb the news.
In January 2009, before President Obama had even taken the oath of office, annual spending was set to total 24.9 percent of gross domestic product. Total spending this year, fiscal year 2012, is expected to top out at 23.4 percent of GDP.
Here’s another interesting fact. Taxes today are lower than they were on inauguration day 2009. Back in January 2009, the CBO projected that total federal tax revenue that year would amount to 16.5 percent of GDP. This year? 15.8 percent.
One last nugget. The deficit this year is going to be lower than what it was on the day President Obama took office. Back then, the CBO said the 2009 deficit would be 8.3 percent of GDP. This year’s deficit is expected to come in at 7.6 percent.
I thought Mittens was supposed to be one of those rare conservatives who can actually grasp math.
The truth is (and this is one that the right-wing detests) that the majority of our current national debt is the direct result of three Bush-era actions:
- Unfunded war in Afghanistan
- Unfunded war in Iraq
- Tax cuts for the wealthiest Americans
Our current debt numbers have also increased on paper for one tiny reason: the Bush administration kept the debt from both the Iraq and Afghanistan wars off the books during his presidency. In a move of transparency, President Obama had those numbers reflected in the budget to show their real costs.