Just more BIOB (Blame It On Bush) from Jo. Seems Obama’s buck stops anywhere but here.
In 1994, during Clinton’s administration, the new Republican Congress stopped his spending increases putting an end to budget deficits, and America enjoyed growth led by the private sector where prosperity was widely shared and job creation was robust.
During the Bush years, despite the 2000 recession, attack on 9-11, stock market scandals, Katrina, and Iraq and Afghanistan, the budget deficit reduced from $412 billion in 2004 to $162 billion in 2007, a 60 percent drop. The average unemployment rate was 5.2 percent and the economy saw the strongest productivity growth in four decades.
It was tax cuts which revitalized the economy and led to tax revenue growth from 2003–2007. The new Democrat Congress then grabbed the reins and ramped up spending to unprecedented levels. In one year the deficit soared back to $407 billion, and when the Fannie and Freddie Mortgage bubble, engineered by Democrats Chris Dodd and Barney Frank, burst, the fear generated caused people to vote for “hope and change.”
Bush’s TARP bailout, Obama’s non-stimulating stimulus package, vast spending increases for free Obamacare and the financial reform bill have placed our founders once free capitalist system on life support and the coming Democrat desired tax expiration increase may be the stake through its heart. Increasing taxes on small business people (who create 70 percent of jobs) in an economy with a real unemployment rate near 17 percent while massively increasing spending by borrowing us into a record national debt of over $13 trillion is not common sense, it is nonsense, and likely national suicide!
Ron Taffe
Shawnee
