You may or may not like Bush 43, but this is a History lesson, so it is information for all US voters, regardless of party.
The day the Democrats took over was not January 20, 2009; it was January 3, 2007, the day the Democrats took over the House of Representatives and the Senate, at the very start of the 110th Congress.
The Democratic Party controlled a majority in both Chambers for the 1st time since the end of the 103 rd Congress in Y 1995.
For those who are listening to Clintonites and Obamaites preaching the fallacy that everything is "Bush 43′s Fault", consider the following:
On January 3, 2007, the day the Democrats took control of Congress,
The DJIA closed at 12,621.77
The GDP for Q-4 Y 2006 was 3.5%
The US Unemployment rate was 4.6%
George Bush's Economic policies set a record: 52 straight months of jobs creation
January 3, 2007 was the day Rep Barney Frank (D-Mass) took over the House Financial Services Committee and Sen. Chris Dodd (D-Conn took over the Senate Banking Committee.
The economic meltdown that happened 15 months later was in the Banking and Financial Services sector
The Democrats; Frank and Dodd with help from Allen Greenspan, Robert Rubin and let us not forget their leader, William Jefferson Clinton (42) created US$6-T of toxic loans in the US economy via Fannie Mae and Freddie Mac.
President Bush (43) asked Congress 17 times to stop Fannie/Freddie questionable practices beginning in Y 2001 because it was financially risky for the US economy in the extreme.
Barney Frank blocked it and called it a "Chicken Little Philosophy" and know what the sky did fall effecting every American and especially Black Americans
Who fought against reforming Fannie and Freddie? Barack Obama and the Democratic Congress, with Barney Frank its Spear Head.
Americans should never forget January 3, 2007, it was a terrible day for the USA, not as dramatic as 9/11 but many times worse.
Bush (43) was in the car's back seat, the Dems were in the front seat driving the US economy off the cliff and setting things up for Obama's (Jarrett led) Communist plans for the US.
Budgets are not passed by the White House. They are passed in Congress, and the party that has controlled Congress since January 2007 the Democratic Party.
Further, the Democrats controlled the budget process in 2008-2009 as well as 2010-2011.
Obama has gone 1,000 + days without a budget, and continues to fault the Republicans for standing against him.
In that 1st year, Congress had to contend with George Bush, which caused them to compromise on spending when Bush, somewhat belatedly, got tough on spending increases.
In Y 2009 though, Nancy Pelosi and Harry Reid bypassed "Lame Duck" Bush (43) entirely, passing continuing resolutions to keep government running until Obama could take office. At that time, they passed a massive omnibus spending bill to complete the Y 2009 budget.
The Big Q: Where was Obama during this time?
The Big A: He was a member of that Congress that passed the massive spending bills, and he signed the omnibus bill as president to finish Y 2009.
Let us recall what the deficits looked like during that time
If the Democrats inherited any deficit, it was the Y 2007 deficit, the last of the Republican budgets. That deficit was the lowest in the prior 5 years, and the 4th straight decline in deficit spending.
After that, Democratic Congress took control of spending, again Obama was a member of the Senate then, who voted for the wasteful budgets.
If Obama inherited anything, he inherited it from himself and his fellows, the Democratic Congress.
In summary; what Obama is saying is, "I inherited a deficit that I voted for, and then I expanded that deficit 400% January 20, 2009."
As you know, these facts so far have not (and perhaps will not) be widely publicized in America's news media.
We are doing our part at LTN, consider doing yours if you are like minded.
Paul A. Ebeling, Jnr. writes and publishes The Red Roadmaster's Technical Report on the US Major Market Indices, a weekly, highly-regarded financial market letter, read by opinion makers, business leaders and organizations around the world.
Paul A. Ebeling, Jnr has studied the global financial and stock markets since 1984, following a successful business career that included investment banking, and market and business analysis. He is a specialist in equities/commodities, and an accomplished chart reader who advises technicians with regard to Major Indices Resistance/Support Levels.
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