"But after Democrats and Republicans committed to fiscal discipline during the 1990s, we lost our way in the decade that followed. We increased spending dramatically for two wars and an expensive prescription drug program – but we didn’t pay for any of this new spending. Instead, we made the problem worse with trillions of dollars in unpaid-for tax cuts – tax cuts that went to every millionaire and billionaire in the country; tax cuts that will force us to borrow an average of $500 billion every year over the next decade.
To give you an idea of how much damage this caused to our national checkbook, consider this: in the last decade, if we had simply found a way to pay for the tax cuts and the prescription drug benefit, our deficit would currently be at low historical levels in the coming years."
That’s right, according to the President, it is the fact that we cut taxes [an act that has historically ended up generating greater than expected revenue for the federal government—something completely being overlooked by a President who believes that taxes should be raised “for purposes of fairness” rather than for increased revenue] rather than the fact that we have (and he has continued to) increased spending to unprecedented levels that has caused us to have trouble with the economy.
He even goes on to blur the facts a bit more by mentioning how deficits would be lower if we had funded two specific projects while seeming oblivious to the fact that deficits mean that we are still SPENDING MORE MONEY THAN WE HAVE!
Spending is the problem. Until the federal government accepts this and begins to spend less, we will continue to dig ourselves into a deeper financial hole.
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