Three Graphs: Obama Deficit Reducer; Better on Debt than Reagan or Bushes

Three Graphs: Obama Deficit Reducer; Better on Debt than Reagan or Bushes

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When he claims the president has doubled the deficit, Mitt Romney is an extreme  liar.

First, as the graph shows, the President has reduced the deficit. The Red column on the graph represents George W. Bush’s contribution to the deficit. But serial liar Romney falsely claims Obama has doubled the deficit.  Not only has the president NOT doubled the deficit, the president has reduced it. The data are clear. Barack Obama has reduced the deficit more than two Bushes and more than Ronald Reagan. In point of fact, only Bill Clinton and Barack Obama have actually reduced the deficit.  

But as Rachel Maddow discussed today, amazingly Mitt Romney supposedly has more supposed “cred” on the matter of deficit reduction.  The new Washington Post poll shows that is the only element upon which Mitt Romney does better than the President.  

Second, the data show the debt left by recent presidents. Bill Clinton and Barack Obama have the best track record on the  subject of the debt.

Third, compared to other presidents, President Obama is NOT a big spender.

You have to wonder who believes the master at predatory practices and expanding the debt of beleaguered companies would reduce the deficit.  You have to wonder how the GOP candidate has the nerve to talk budget plans which do not add up.  The more you know about Mitt Romney the more you realize he is all hot air. And yet, apparently, too many Americans are deceived by the Romney fiction on the subject of the deficit and national debt.

 

  • Quizzical

    The Republicans use the deficit and debt interchangably, which makes it hard to make sense of what they say.  Plus there is the confusion caused by the fiscal year.

    http://www.economonitor.com/bl

    What caused the recession anyway?  This is the best explanation I have seen.

    http://www.erikjheels.com/3428

  • Elaine in Roanoke

    The present financial crisis, already being called the “Global Financial Crisis,” is not the usual recession caused by a downturn in the business cycle. It has followed the pattern of past financial panics and credit freezes in that recovery is painful and fairly long.

    There was the financial panic of 1893-1898, started by the a railroad building “bubble” and subsequent bank failures. Another example occurred with the 1929-1940 Great Depression, caused by over-speculation in the stock market, bank failures, credit freezes, and horrible drought at a time when millions of Americans lived on farms.

    What we are living through right now is also a financial panic, brought on by over-speculation in housing throughout the world and the creation of monetary derivatives based on basically nothing.

    After the Great Depression, we learned that regulation of the market by government is the way to avoid the built-in tendency of capitalism to periodically self-destruct. But, Allen Greenspan and the Bush administration never learned the lesson.

    Here we are again, having to learn that greed unchecked by restraints on it will destroy everything in its path. And…note that all three financial crises happened while worshippers of the unregulated free market in the Republican Party were in control of government. That’s the reason I shudder at the thought of Mitt Romney and Paul Ryan in charge. They both, as well as many of their followers, worship daily at the altar of the Almighty Dollar, with Ryan also paying homage to his favorite “saint of personal greed,” Ayn Rand.