Debunking the Obama economic litany in one chart
Ye olde “a picture is worth 1,000 words”:
IBD has the article. One of my favorite myths is the Bush “tax cuts” (tax rate) and deregulation cause the recession. Yeah, not so much:
It’s a standard Obama talking point. But it’s not true. Bush’s tax cuts did not cause the last recession.
In fact, once they were fully in effect in 2003, they sparked stronger growth — generating more than 8 million new jobs over the next four years, and GDP growth averaging close to 3%.
Those tax cuts didn’t explode the deficit, either, as Obama frequently claims. Deficits steadily declined after 2003, until the recession hit.
Nor was Bush a deregulator. Conservative Heritage Foundation’s regulation expert James Gattuso concluded, after reviewing Bush’s record, that “regulation grew substantially during the Bush years.”
Even the Washington Post’s fact-checker, Glenn Kessler, gave Obama’s claim three out of four “Pinocchios,” saying “it is time for the Obama campaign to retire this talking point, no matter how much it seems to resonate with voters.”
What did cause it? What we’ve been saying since it happened, that’s what:
The housing bubble. And that, in turn, was the result of a determined federal effort to boost homeownership by, among other things, pressuring banks to lower lending standards.
So while the rest of the surrogate media “fact checks” Romney, here’s a basic fact check on Obama. And yes, if you’re still wondering … he’s full of it.