President Obama seems to think that blaming the previous Bush administration for the current economic mess will save him. What, exactly, did he "inherit"?
1. In 2008, Bush expanded the federal budget to a staggering $700 billion. President Obama is adding $1 trillion.
2. Towards the end of his second term, Bush began a massive financial bailout scheme which was the first round of bailouts. President Obama has added more.
3. Bush created a Medicare drug entitlement program that cost $800 billion within a decade. President Obama proposed a new $634 billion health care fund, which now we see is going to cost over $1 trillion and a government takeover.
4. Bush was the first president to spend 3% of the GDP on federal antipoverty programs. President Obama has increased it by 20%.
5. Bush reigned over a $2.5 trillion increase in the public debt to the end of his second term. President Obama has doubled it to about $4.9 trillion beginning in 2010 to 2016.
So I'll ask again: What, exactly, did he inherit? Unemployment was at 4.8% when President Bush left office and it's now twice that after we were promised that it wouldn't breach 8%, if the second "stimulus" bill wasn't passed quickly (I emphasize second, because Bush's was the first, which McCain and Obama signed on to after they both postponed their campaigns).
Was it not the Democrats that were running the show when Fannie Mae and Freddie Mac imploded? Was it not Barney Frank that said they were doing just fine in 2004? Didn't McCain sound the warning bells 11 times about Freddie Mac and Fannie Mae? Didn't President Bush try to reign in these two financial giants in 2003, but was stymied by the Democrats?
At some point during his first term, President Obama will have no choice but to take responsibility for the fate of this country.
When is the blame game to end, Mr. President?
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