Tag Archives: Republicans Responsible for Deficits
As shown in these graphs, Republicans have been responsible for reckless spending and have proven themselves incapable of keeping a balanced budget
According to a Business Insider article “The Truth About Who’s Responsible For Our Massive Budget Deficit”, “Republicans howl that President Obama has exploded the size of federal government spending in his short tenure as President, and it is true that he has increased it. But President Bush actually increased federal spending by more than 2X as much as Obama has.”
In this chart, the RED lines on the left side – the ones that keep doing DOWN – show what happened to jobs under the policies of Bush and the Republicans. We were losing lots and lots of jobs every month, and it was getting worse and worse. The BLUE lines – the ones that just go UP – show what happened to jobs when the stimulus was in effect. We stopped losing jobs and started gaining jobs, and it was getting better and better.
The leveling off on the right side of the chart shows what happened as the stimulus started to wind down: job creation leveled off at too low a level.
It looks a lot like the stimulus reversed what was going on before the stimulus. We have gone from losing around 850,000 jobs a month to gaining over 200,000 jobs a month.
Conclusion: THE STIMULUS WORKED BUT WAS NOT ENOUGH!
More False Things
These are just three of the false things that everyone “knows” because places like Fox News repeat them over and over and over. Some others are (click through): Obama bailed out the banks, businesses will hire if they get tax cuts, health care reform cost $1 trillion, Social Security is a Ponzi Scheme or is “going broke”, tax cuts grow the economy, government spending “takes money out of the economy.”
Actually This Reduced Spending And Lower Deficit Have Hurt The Economy
Government spending is literally, by definition, the things that government does to make our lives better. People have been tricked into thinking that government spending is somehow bad. The billionaires and giant corporations spread this nonsense around because they are greedy and just want their taxes lower. The top income tax rate used to be more than 90 percent and the top corporate tax rate used to be more than 50 percent. That was back when we built this country’s great infrastructure, had good schools and defended the world against the Soviet Union. We also had higher economic growth and a growing middle class.
Government spending does not “take money out of the economy.” In fact it puts money into the economy, creates jobs and lays the foundation for future prosperity. The decline in government spending shown in the charts above is the reason that the economy remains sluggish and jobs are still hard to get. Just look at that chart showing what the stimulus spending did for the job situation. But since the stimulus ended, Republicans have obstructed every effort to continue to use our government to help our economy.
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