Sunday, August 2, 2009

What's Up With the 1.3 Trilllion Obama Inherited From Bush Rhetoric?

Allahpundit posts the Tim Geithner walkback on the "no new taxes on the middle class" promise made ad nauseum during the campaign. Never mind that this was also accompanied by the promise of tax cuts from the Administration that derides tax cuts at every turn. Never mind, that there really was no tax cut, just a change in withholding for the vast majority of taxpayers. This is something anyone can do at your Human Resource office. It doesn't change your overall tax liability and many may find themselves owing next April, but I digress. Here is the video where Tiny Tim does his Moonwalk:

Anyone following the health care debate knew there have to be middle class tax increases coming because the program not only is not deficit neutral, it adds to the deficit it adds to the deficit in the years beyond 2019. It doesn't bend costs down and it can't possibly correct a $9 Trillion budget deficit incurred entirely by the Obama Administration's budget. What I don't get is where they are getting this 1.3 Trillion number that is always thrown out when discussing budget deficits. Are they claiming the TARP funds and bailouts were an inheritance? They had no obligation to continue that program, it was a choice that led to a largely nationalized banking industry and Government Motors. Can anyone explain where they get this figure?

UPDATE: Newsbusters has an explanation of why the inherited deficit rhetoric is complete garbage. If I hadn't been focused on the 1.3 Trillion number that is thrown around, I would have remembered that Congress approved all the spending for the last two years and Obama approved every dime of the spending he and Geithner attempt to blame on Bush.

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