President Barack Obama said, on this day in 2009, that “we’ve got trillion-dollar deficits for years to come, even with the economic recovery we’re working on.”
How prescient he was. Obama’s budget deficit for 2009 was $1.41 trillion, while in 2010 it exceeded $1.5 trillion.
According to a 2010 Congressional Budget Office report, during the dozen years in which the House of Representatives was under Republican Party control, the average budget deficit was roughly $104 billion. Still too much, but consider — since the Democrats regained control following the mid-terms in 2006, however, that average has jumped to a monstrous $1.1 trillion.
But wasn’t much of the Republican Party’s control during the years in which Bill Clinton inhabited the White House? Likewise, weren’t the Democrats in control during George W. Bush’s expensive second term? Yes, on both accounts. When talking about the spendthrift ways of one political party or one president versus another, be sure to remember that Article I of the United States Constitution specifically holds that all legislation begins in Congress. In other words, the president cannot spend anything not expressly authorized by Congress. It’s not Bush’s fault. It’s not even Obama’s fault. All the president of the United States does is essentially ratify the thrift or fancy of Congress and, according to the numbers, the Democrats are certainly more fancy than thrift.
305 DAYS UNTIL ELECTION DAY
380 DAYS UNTIL JANUARY 20, 2013