Saturday, October 23, 2010


1) President Obama tripled the deficit.
Reality: Bush's last budget had a $1.416 trillion deficit. Obama's first reduced that to $1.29 trillion, repeating the pattern of President Clinton's glide path to fiscal sanity.

2) President Obama raised taxes, which hurt the economy.
Reality: Obama cut taxes for 95% of Americans the lower 95% to be exact.

3) President Obama bailed out the banks.
Reality: While many people conflate the "stimulus" with the bank bailouts, the bank bailouts were requested by President Bush and his Treasury Secretary, former Goldman Sachs CEO Henry Paulson. (Paulson also wanted the bailouts to be "non-reviewable by any court or any agency.") The bailouts passed and began before the 2008 election of President Obama.

4) The stimulus didn't work.
Reality: The stimulus worked. According to the Congressional Budget Office, the stimulus raised employment by between 1.4 million and 3.3 million jobs.

5) Businesses will hire if they get tax cuts.
Reality: A business hires the right number of employees to meet demand. Having extra cash does not cause a business to hire, but a business that has a demand for what it does will find the money to hire. Businesses want customers, tax cuts not so much.

6) Health care reform costs $1 trillion.
Reality: The health care reform reduces government deficits by $138 billion.

7) Social Security is a Ponzi scheme, and is "going broke,"
Reality: Social Security has run a surplus since it began, has a trust fund in the trillions, is completely sound for at least 25 more years and cannot legally borrow so cannot contribute to the deficit. But make no mistake, the Republicans and Tea Partiers will kill Social Security if given the chance, just ask George W. Bush. In his new book he lists not privatizing Social Security as his biggest dissapointment. If you think the Bush ers stock market crash was bad just think how devastating it would have been if our Social Security money was wrapped up in the stock market.

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