I've grown weary of the constant drumbeat from the Administration and the Mainstream Media that this economic hole we're in was created by George W. Bush. Our new President continually states that he "inherited" the big Federal budget deficits and has to "clean up the mess" left by the Republicans. Although I risk sounding professorial here, please allow me to remind everyone that the President of the United States doesn't spend a single dime. He doesn't vote for expenditures, he doesn't allocate who gets what and he doesn't write the checks. As per our Constitution, which is all-to-often disregarded these days, all spending measures must originate in the House of Representatives and be voted into law by the Senate. Then and only then does the President sign them into law or choose to exercise his veto pen.
It bears repeating that the Democrats took control of both houses of Congress on January 20, 2007. That's nearly four years ago. Nancy ("You've got to pass the (healthcare) bill so we can find out what's in it.") Pelosi, Speaker of the House, and Harry ("This war is lost!") Reid, Majority Leader of the Senate, have worked hand-in-hand with Barack Hussein ("America is the greatest country on Earth. Join with me as we begin to fundamentally transform it.") Obama, POTUS, to grow our Federal debt from $9.2 Trillion amassed over a 230 year period ending with President Bush, to $13.45 Trillion today. More than $4 Trillion dollars of increased debt in just a bit over one and one-half years. And remember that then-Senator Obama voted for every single appropriations bill that he now oversees, and that now threatens our kids' future. Democrats are responsible for every dollar appropriated, every dollar spent and every dollar of increased indebtedness. Our Federal debt now equals more than 90% of our Gross National Product. By the time Obama leaves office, our debt will completely eclipse our GNP. That's Greek territory, folks. So if Greece, Italy, Spain and Portugal are threatening the very existence of the European Union, can our economy be far behind? Oh, by the way. Yes, I'm a graduate economist, so I actually do know a little bit about this subject.
Remember that the whole housing crisis was caused by Barney Frank and Chris Dodd, Democrat leaders of their respective banking committees in the House and the Senate. They loosened requirements for home loans to the point where only a heartbeat was necessary to qualify. Then they forced Fannie Mae and Freddie Mac to buy up the bogus mortgages. Then they cut up the tranches of mortgages into little pieces and sold them off as solid securities around the world. Tens of thousands of folks who should have never purchased homes soon started defaulting on their mortgages, driving home prices into the cellar. That's why we as a country and the whole wide world are in this colossal mess. This was a Democrat plan, a Democrat policy and a Democrat debacle.
So folks, as we head into the "silly season," don't be hoodwinked by those who attempt to evade responsibility for our sorry situation. Those who elect to vote on November 2nd for politicians who believe in more and bigger government, ever increasing taxes, borrowing and spending on a monumental scale, redistribution of somebody else's wealth, class warfare, government takeovers and bailouts and ever more onerous regulations which are squeezing the private sector into near oblivion, I invite them to do so. Pull that lever remembering you're entitled to your own opinions. But you're not entitled to your own facts...