Because of constant references by Democrat operatives to Pres. Obama's inheritance of Pres. Bush's "fiscal malfeasance," I decided to research the actual facts which are as follows:
1. The Democrats took over control of the House of Representatives and Senate on Jan. 3, 2007, the start of the 110th Congress.
2. On Jan. 3, 2007: the Dow Jones closed at 12,622; the GDP for the previous quarter was 3.5 percent; the unemployment rate was at 4.6 percent; and Pres. Bush's economic policies set a record of 52 straight months of job growth.
3. Jan. 3, 2007 was the day that Barney Frank took over the House Financial Services Committee, and Chris Dodd took over the Senate Banking Committee. The economic meltdown that happened 15 monhs later was in banking and financial service, part of our economy controlled by Frank and Dodd.
4. Because of this meltdown - the dumping of 5-6 trillion dollars of toxic loans on our economy from the Fannie Mae and Freddie Mac fiascoes resulted in massive unemployment.
5. In 2001, Pres. Bush asked Congress 17 times to stop Fannie and Freddie's starting because it was financially risky for the U.S. economy. Obama and the Democrat-controlled Congress fought against Pres. Bush's attempt to reform, and ultimately they received the third highest payoff from Fannie and Freddie.
So when someone starts to blame Pres. Bush for our current financial ills, remember Jan. 3, 2007, the day the Democrats took over.
They also controlled the budget process for 2008 and 2009 as well 2010 and 2011.
In that first year, they had to contend with Pres. Bush which caused them to compromise on spending. When Pres. Bush, somewhat belatedly got tough on spending increases, Nancy Pelosi and Harry Reed bypassed Pres. Bush entirely, passing continuous resolutions to keep government running until Pres. Obama could take office. At that time, they passed a massive omnibus spending bill to complete the 2009 budget.
And where was Barack Obama during this time? He was a member of that very Congress that passed all of these massive spending bills, and he signed the Omnibus Bill as president to complete 2009.
If the Democrats inherited any deficit, it was the 2007 deficit, the last of the Republican budgets. That deficit was the lowest in five years and the fourth straight decline in deficit spending. After that, the Democrats in Congress took control of spending, and that includes Barak Obama who voted for the budgets. If Pres. Obama inherited anything, he inherited it from himself.
To conclude, what Pres. Obama is saying is I inherited a deficit that I voted for and then I voted to expand that deficit four-fold since Jan 3, 2007.