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In his address to Congress tonight, President Obama repeated his false claim that his administration has inherited a $1 trillion deficit:
Also, see this video clip.
Really? Here are the deficits of the Bush years (from CBO):
I don’t see any trillion dollar deficits here. Ah, but wait. What about the current fiscal year, 2009, which ends September 30? Some are speculating that the deficit this year could be as large as $1 trillion. Why? Because much of the $700 billion bank bailout (which he voted for) will be spent this year and a portion of Obama’s just passed stimulus package will also be spent this year. So Obama is using this year as the starting point, claiming it is the deficit he “inherited". And while part of it belongs to the Democratic Congress of last year and President Bush, much of this deficit is his doing. The only deficit that he truly inherited was the $455 billion deficit from last year. While I do not think it is fair to say that he is wholly responsible for this year’s deficit, he thinks it completely fair to make it bigger and then claim that he inherited it. The nerve. And so when he says he’s going to cut the deficit in half in four years, is he talking about getting it down to half of $455 billion, a level which Bush himself bested just one year before, in 2007? No, he means he’s going to cut it to half of the current fiscal year deficit, the one which is still yet to finish. His target: $530 billion. So he intends to have a deficit in every year of his administration that is more than twice as large as the average deficit under President Bush. But because it is half as large as the first year of his own, he gets to say he is cutting the deficit in half. This is bullshit. 8 comments
Comment from: BRIAN SCHWARTZ [Visitor]
Interesting Post, I asked myself the same question when
our wonderful new Commander and Chief made mention of the 1 trillion dollar inheritance. So essentially he wants to spend 4 years getting us back to today. What the hell, Makes sense to me.
02/25/09 @ 08:08
Comment from: Jordyn [Visitor]
Great post! I did not believe that he had inherited this deficit like he claimed. This is just another tactic he is using to try to take the focus off of himself. As long as there are Democrats who are still stuck in the past, he will continue to blame Bush for his own mistakes. This man is shameless and obviously weak. A real leader would stand up and take responsibility for this situation whether he had created it himself or not. No wonder many countries are laughing at us behind our backs.
03/26/09 @ 21:17
Comment from: John [Visitor]
Um...No because Bush did not include the Wars in Iraq and Afghanistan which would put that number into the trillions...take a look and see for yourself. How about all of the care for Vets in the future which also was not included. How many of you even bothered to complain whenthis was all occuring the last 8 years? Though so.
07/10/09 @ 16:19
Comment from: nick [Visitor]
How wonderful! Obama has the nerve to say at
his pressconference that he inherited $1.2 trillion and nobody questions him!? People,wake up! Open your eyes and ears!
07/22/09 @ 22:32
Comment from: Mo [Visitor]
Actually, YOU need to wake up. This country inherited an economic crisis, with major industries on the verge of collapse,
a war in a country that should never have been started, a housing crisis, that if the Bush administration would have had THEIR eyes open, would never have ended up as bad as it is now. Why cant you people see that SOMETHING needs to be done NOW, and it is going to take drastic measures to get us back on track. Why dont you spend your time helping the US get back on track rather than bitching about it and spreading false rumors! You people will be the reasons why, among other issues, specifically health care - WILL be the death of the US.
08/19/09 @ 17:43
Comment from: Brian Peterson [Visitor]
The trillion dollar deficit that was inherited?
The defcit for George W Bush's last fiscal year was 1.8 trillion dollars according to the increase of the National Debt (An accumulation of all annual deficits) according the http://www.treasurydirect.gov/NP/NPGateway At this site one can select the day/month/year to see growing deficits. George W Bush's last fiscal budget year started on October 1, 2008 and ended on september 30, 2009. Check it out.
12/01/09 @ 00:25
Comment from: Loralyn Conover [Visitor]
O.K. Bush did not include the cost of the war in his deficit. Wars cost ALOT of money which is NOTHING compared to the cost of lives. While President Bush did start with a small deficit, $128.2 he did almost quadruple it by the time he left office $454.8 Now, do you all not remember when John McCain had to postpone his campaign because Pres. Bush had to call an emergency finance meeting to address the horrible financial crises that was taking place in the country WHILE BUSH WAS STILL OUR CURRENT PRESIDENT! Every man has his own opinions on past or current situations, however, there is only ONE TRUTH!
01/17/10 @ 12:28
Comment from: utahexplorer [Visitor]
I'll try a short civics lesson.
Budgets do not come from the White House. They come from Congress, and the party that controlled Congress since January 2007 is the Democratic Party. They controlled the budget process for FY 2008 and FY 2009, as well as FY 2010 and FY 2011. In that first year, they had to contend with George Bush, which caused them to compromise on spending, when Bush somewhat belatedly got tough on spending increases. For FY 2009, though, Nancy Pelosi and Harry Reid bypassed George Bush entirely, passing continuing resolutions to keep government running until Barack Obama could take office. At that time, they passed a massive omnibus spending bill to complete the FY 2009 budgets. And where was Barack Obama during this time? He was a member of that very Congress that passed all of these massive spending bills, and he signed the omnibus bill as President to complete FY 2009. Let's remember what the deficits looked like during that period: If the Democrats inherited any deficit, it was the FY 2007 deficit, the last of the Republican budgets. That deficit was the lowest in five years, and the fourth straight decline in deficit spending. After that, Democrats in Congress took control of spending, and that includes Barack Obama, who voted for the budgets. If Obama inherited anything, he inherited it from himself. In a nutshell, what Obama is saying is I inherited a deficit that I voted for and then I voted to expand that deficit four-fold since January 20th.
02/15/10 @ 09:07
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02/24/09 11:48:29 pm, by Tony Quain 
