It wasn’t supposed to be this way. Over three years with crushing unemployment. American manufacturing shrinking again. President (Barack) Obama’s plan: Spend more. He’s added $4 billion in debt every day. The economy is slowing but our debt keeps growing. Tell him for real job growth cut the debt.
I had a comment submitted on this blog recently (about my antagonists) which sums this statement up: This is like a child who’s killed his parents asking for the court to give him mercy because he is an orphan. This is also another case of pot, meet kettle. PolitiFact Florida rated this claim Half True:
Crossroads GPS has its math correct what it says that Obama has "added $4 billion in debt every day." But the ad suggests that Obama is solely to blame. That’s not true, because other factors -- including the struggling economy he inherited and decisions made before he took office -- contributed to that debt. We rate this claim Half True.
PolitiFact Florida’s Amy Sherman bases her conclusion on interviews with “three experts on the federal budget” who are diversified In their political leanings.
Burtless said that most of the debt added under Obama would have happened even if he followed the tax and spending policies in effect when he took office. But Obama embraced policies that increased the public debt -- including signing the stimulus package and agreeing to other measures that held down taxes and increased unemployment benefits.
First, it needs to be said that austerity (cutting debt) will not result in job growth; this is almost an economy 101 axiom, and is being borne out in Europe today. And the empirical evidence of Bush’s tenure shows that cutting taxes does not create jobs either. Even with cuts, taxes must be raised to (try to) balance the budget. And the Republican congress, if it continues in power, and it likely will following the elections, are not going to allow this to happen.
This is not an either/or proposition: debt must be cut and revenue must be raised. For those reasons, for Obama to do what Karl Rove demands is mathematically impossible. It’s even more mathematically impossible in the hazily worded budgets proposed by Mitt Romney.
Nevertheless, PolitiFact puts the onus squarely on presidential policies. The New York Times published this graphical depiction of what makes up the debt due to presidential policies, and Obama got assigned his share:
| Click to enlarge: Even adjusting for "TARP paybacks" Obama's way below $4B per day. |
As Jon Perr of Perrspectives so aptly interprets this chart for the Bush side:


