How Obama and Democrats Almost Collapsed US Economy
Do not be swayed by Obama's campaign rhetoric. Read the facts first.
When evaluating who is at fault for the massive deficit this nation faces and which party you should be voting for come November to end this insanity, consider the facts. Obama continually refers to eight years of the Bush era and that's why his fledgling economic policies have not worked. In truth, Congress and the House of Representatives were Democratically controlled by January 2007. During that period Congressional spending had to contend with George Bush, who forced the Democrats to cut proposed spending. However, by Fiscal year 2009 Harry Reid and Nancy Pelosi were able to bypass President Bush vetoes and continue their deficit spending spree until Barack Obama was elected.
Democrat Spending Spree Buying Votes
It was the Democrats who passed the massive omnibus bill that increased spending in the final fiscal year of 2009 with Obama himself was a member of the very Congress that supported the massive deficits that marked the final year of Bush's 2nd term as president. At that time the budget stood at just over 400 billion dollars. We have heard Obama and the Democrats moan continually about the deficit they inherited prior to the presidential election, but in truth when the Democratic Congress took over in fiscal year 2007 although it was a deficit year this marked the 4th straight decline in deficit spending until the Democrats began their irresponsible spending spree. 2007 marked the lowest deficit in five years, the last year of Republican control of Congress, who decides the budget.
From 480 billion dollars in 2007 to 1.85 trillion dollars by 2009, according to the CBO. The equivalent of all the spending ever compiled by the US government in 234 years of our nation's existence, the Democrats used their advantage in numbers to steam roll unprecedented expenditures to further their cause. As a Senator, Barack Obama presided over the ailing Fannie Mae federal mortgage giant, helped authorize deregulation that insured thousands of unfit mortgage buyers would be guaranteed loans while he collected more than a $100,000 for passing the bill. This insured the economy would spiral down into the worst financial crisis since 1929 once mortgage backed derivatives failed due to massive foreclosures.
Democrats like to sentimentally recall that under President Clinton, that not only was deficit spending curtailed, but the federal budget was actually in a surplus. Congress was controlled by the Republicans in those years and Clinton practically gutted the military during that time to do so by closing air bases, laying off workers, and insuring certain ruin to many communities once those bases closed. Our military was spread dangerously thin in those years.
In truth, the only deficit inherited by Obama and his administration were only the expenditures that they authorized from 2007 thru 2008 and enacted while blaming Republicans, but as we have learned, this is the typical tactic of liberals. If tested, Obama's claims as they measure up to facts are more often than not lies.
The worst of all of these facts that we are discussing is that our liberal mass media will not be revealing these stories to the general public for some reason they have backed the President's policies no matter how idiotic and destructive they have been. So, I appeal to you to take what you read here and spread the word! This administration must be stopped.
Let's summarize, Democrats began their deadly spending spree in the last 2 years of the Bush administration when they had House majority. By 2008 they were able to override Bush's vetoes. Obama sat on the board for Fannie Mae and Freddie Mac and helped orchestrate the very policies that caused the bubble that nearly collapsed the US economy in 2008 and 09.
Most Recommended Comment
Chicago, Illinois, United States