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Sunday, September 02, 2012

Obama Did Build This

It's time we give Obama and the Democrats credit for what they did build – the economic mess that they so eagerly wish to blame on President Bush.

So quickly their friends in the media forget. Democrats took over the country's fiscal policy when they took control of both Houses in January of 2007.  Speaker Pelosi controlled the House, Majority Reid controlled the Senate, and then-Senator Obama dutifully endorsed Democrat bills that abruptly halted President Bush's fiscal policy.

The "Bush Tax Cuts" and an energy policy centered on drilling for oil in our own backyard were cornerstones of the Bush fiscal policy.

While Democrats insisted that the tax cuts were "only for the rich who didn't want them", in truth, they were across the board and significantly reduced or eliminated the tax burden for millions who were on the lower end of income earners. Democrats finally admitted so when they authored bills to extend these cuts before they expired. They had to.  There was another election looming.

But, these cuts were also for those who owned or invested in businesses big and small. With these cuts and the expectation of their permanency, business owners were willing to expand, to open new stores, hire new employees, and give raises to current employees.

All this came to a screeching halt when Democrats took over in 2007 promising higher taxes for everyone rich enough to earn a profit. Businesses across the country were forced to tighten their belts and put a halt to plans to expand and hire.

The other half of the fiscal policy was to keep energy costs low by using our own abundant supply of natural resources. As long as President Bush and the Republican House was willing to drill, speculators expected more supply in our future. This kept the cost of crude down.

Then came Pelosi/Reid and and the hope for using our own oil ended. Consequently, with the artificially restrained supply, the costs of crude skyrocketed.

Lest we not forget:

Republican Congress 2006 – The Final Year of the Bush Fiscal Policy
  • The price of gas was $1.86
  • Unemployment was 4.4%
  • National deficit was shrinking to $248 billion
Democratic Congress 2008 – After only One Year of Democrats in charge
  • The price of gas hovered near $4.00
  • Unemployment grew to 6.1%
  • National deficit $407 billion and growing
Obama 2012 – After less than one term in office
  • The price of gas hovered near $4.00
  • Unemployment at 8.3% (unofficial numbers between 15-20%)
  • National deficit $1,300 billion and growing (excluding the rising estimates for Obamacare)
In September of 2008, the deficit soared another $700 billion when President Bush signed TARP. But, TARP was written by a Democrat Congress with full support of then-Senator Obama. I think Bushed messed up with signing this bill, but it is an outright lie to for Obama to claim he inherited its consequences – or those of the 2007 Democrat Congress. Obama was part of that Congress. Obama's Democrat Party wrote those bills. Obama voted for them.

You cannot inherit that which you helped create. Obama and his Democrat allies in Congress did build this mess – and they deserve full credit for it.

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