Wednesday, May 16, 2012


Willard was in rare form recently. Not rare because he was lying--hell, that's almost every time he opens his mouth--but in the breathtaking audacity of his lies. These particular lies had to do with government spending and debt. Example, from the Associated Press:

ROMNEY: "America counted on President Obama to rescue the economy, tame the deficit and help create jobs. Instead, he bailed out the public sector, gave billions of your dollars to the companies of his friends, and added almost as much debt as all the prior presidents combined." 

THE FACTS. Hardly. Presidents from George Washington through George W. Bush ran the national debt up to $10.62 trillion, the amount it was on the day Obama took office. Today, it is $15.67 trillion, according to the Treasury Department's Bureau of Public Debt. So it has gone up by $5.05 trillion under Obama. That's roughly half of the amount amassed by all the other presidents combined. 

In short, the debt has gone up by about half under Obama. Under Ronald Reagan, it tripled.


ROMNEY: "The people of Iowa and America have watched President Obama for nearly four years, much of that time with Congress controlled by his own party. And rather than put out the spending fire, he has fed the fire. He has spent more and borrowed more. ... When you add up his policies, this president has increased the national debt by $5 trillion." 

THE FACTS: Much of the increase in the debt is due to lower tax revenues from depressed corporate and individual incomes and high joblessness in the worst recession since the Great Depression. The recession officially began in December 2007, when George W. Bush was president and the national debt stood at just over $9 trillion. Financial bailouts, stimulus programs and auto rescue spending that started under Bush and continued under Obama contributed to the run-up of the debt. 

But so did the Bush-era tax cuts enacted in 2001 and 2003. With bipartisan support, Congress has extended the tax cuts until the end of this year, and Romney's proposals for big cuts of his own would risk another squeeze on revenue.

And don't forget, Willard has promised to give himself and his super-rich buddies a monster tax cut, one that will blow a shockingly huge hole in the deficit. Even if Willard strips every dollar from every domestic program for the poor, his gigantic, absurdly unnecessary defense increases, coupled with his intention to wait a few years before destroying Medicare, will put this nation in a financial death spiral.

Oh, and just for the record, here's the source of our debt problems:

Here's another way of looking at it, from last year:

I think we know what the problem is: 

It's electing pathological right-wing liars like Willard. 

And that's the REAL truth.

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