Brian Domitrovic: Obama ... The Worst Keynesian EverRoundup: Media's Take
Brian Domitrovic is a Forbes contributor.
The president is bent on raising taxes big time, if not on January 1, when all sorts of rates are scheduled to go up, then shortly thereafter as the new, more Democratic Congress convenes to do its damage.
The rationale? The deficit is getting out of control. Indeed it is. Since January 2009, when Obama took office, the United States has run cumulative budget deficits of $5 trillion. Before that time, debt held by the public was $6.3 trillion. Now it’s $11.4 trillion, an increase of 80%.
What did we get for it? Growth of 1.5% per year. As it happens, the over the eight years of President George W. Bush, the economy averaged 1.6% economic growth, and the cumulative deficit was $2.4 trillion. Obama has more than doubled the W. deficits, while coming up short a tenth of a point of growth. What a horrible record...
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