When he addressed students at George Washington University on the dire fiscal emergency facing the nation, Barack Obama attempted to lay blame for the $1.645 trillion budget deficit at the feet of tax cuts enacted in 2001 and 2003.
Obama said, “we made the problem worse with trillions of dollars in unpaid-for tax cuts — tax cuts that went to every millionaire and billionaire in the country; tax cuts that will force us to borrow an average of $500 billion every year over the next decade.”
There’s only one problem. It’s not true.
In 2007, with the current tax rates in place the budget deficit was $160.7 billion, but it is projected by the Office of Management and Budget to rise to $1.645 trillion this year. That’s a 923 percent increase, and it is adding velocity to the growth of the $14.2 trillion national debt.
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