1. President Obama cut taxes for everyone that earns a paycheck.
The first piece of legislation ushered in by the Obama administration was a stimulus package that contained almost $300 billion in payroll tax cuts. As Nate Silver calculated, that means 98.6% of working households received a tax cut once Obama took office.
2. TARP Worked
TARP worked. And it was a Republican policy. But it actually turned out to be a hugely successful program. The most successful policy of George Bush's two terms to be exact. The program earned the American government at least $40 billion. By far the most revenue any program has ever earned the government. In all, if it were to never make another penny, the program would now only cost tax payers $30 billion. That's dramatically cheaper than the near $1 trillion it was expected to cost. Pumping tax dollars into the the private sector helped ward off a complete financial meltdown. It worked. Plain and simple.
3. The Stimulus Worked
It warded off complete collapse. Stopped the flood of job losses. And boosted GDP back to positive territory. Economists agree the stimulus "raised GDP by about 3.4 percent, holding the unemployment rate about one-and-a-half percentage points lower, and adding almost 2.7 million jobs to U.S. payrolls."
4. Ronald Reagan Tripled the National Debt
This simple fact is regarded as pure fantasy by conservative and Republicans alike. But the truth is, if you turn down your Fox News teevee set that is, you'll learn that the national debt exploded under Saint Ronnie. Here's the scorecard:
After 8 years of Reagan the national debt went from roughly $900 billion to $2.6 trillion. That's a 186% increase, the most since WWII. That is an incredible amount of debt from the so-called small government, fiscally responsible party.
5. George W. Bush doubled It
Then without a second thought, or a single gripe from the fiscally conservative, deficit hawk crowd, George W. Bush and his GOP took a government that was running surpluses and created the largest deficits in human history. As a result, the national debt went from $5.7 trillion to more than $11 trillion when you add in all his bailouts including TARP.
6. Obama Inherited the Worst Scenario Any Elected President Ever Has
Simply and factually stated, no elected president in the history of America has ever inherited two ongoing endless wars with an economy on the verge of collapse. It's never happened before. But it did when President Obama inherited the country from Bush.
7. Obama Has Shrunk the Deficit
According to the U.S. Treasury, for the 2010 fiscal year that ended on September 30, the government had a budget shortfall of 1.294 trillion dollars, down 122 billion dollars from the previous year's record-setting high.
The 2010 fiscal year was President Obama's first federal operating budget. The previous year's budget was the final Bush budget which set a record for the largest deficit in American history. The budget deficit shrunk by $122 billion since Obama has taken office.
8. Obama Inherited a $1.4 trillion deficit, He Did Not Create It
It's amazing that some people believe American history began on Jan. 20th, 2009-- BUT IT DIDN'T. The day Obama took office the budget deficit was $1.416 trillion. He did not create it.
9. All the Bailouts Were Republican George Bush Policy
TARP was passed in October of 2008, over three months before Obama would become president. The original legislation was submitted to Congress by President George Bush and passed with both Republican and Democratic support of which Bush signed into law. Prior to TARP, the Bush administration had already committed $30 billion to Bear Stearns, $400 billion to Fannie and Freddie, $180 billion to AIG, $25 billion to the Auto industry, $85 billion to AIG, and billions more to the airline industry after 9/11.
Even the GM bailout in 2009 came from TARP funds and was structurally in place before Obama took office. It was the continuation of a Bush plan already moving forward, much like the surge in Iraq can't be credited to Obama either.
10. Republicans Have NEVER -- NOT ONCE IN MODERN HISTORY -- Shrunk Government, Cut Spending, or Reined in the Deficit
Is there anyone that still believes Republicans have ever governed with their so-called "principles" in mind? If so, consider this:
Since the ushering in of the modern Republican "Reagan Revolution," the GOP has never done any of the above. Frankly put, in the 20 years of modern Republican rule-- 8 years of Reagan, 4 years of Bush, and 8 years of Bush-- spending has never decreased, the deficit only grew by leaps and bounds (see #'s 4 & 5) and never did government shrink. There is no factual record they can point to that would in any way whatsoever suggest they are a fiscally conservative lot.