In the 60 Minutes interview last night, Steve Kroft pointed out that the debt has increased by 60% under Barack Obama. Obama’s response – it is important to understand the context. Obama blames two wars, prescription drugs coverage, tax cuts and the economic downturn. I am surprised he did not blame headwinds, the tsunami, or heck the alignment of the stars. Will he ever take responsibility for anything?
The Washington Post’s fact checker gives Obama four Pinocchios for saying on 60 Minutes, “Over the last four years, the deficit has gone up, but 90 percent of that is as a consequence of two wars that weren’t paid for, as a consequence of tax cuts that weren’t paid for, a prescription drug plan that was not paid for, and then the worst economic crisis since the Great Depression.”
“We are not trying to make excuses for the fiscal excesses of the Bush administration — and Congress — in the last decade,” the Post writes. “But at some point, a president has to take ownership of his own actions. Obama certainly inherited an economic mess, and that accounts for a large part of the deficit. But Obama pushed for spending increases and tax cuts that also have contributed in important ways to the nation’s fiscal deterioration. He certainly could argue that these were necessary and important steps to take, but he can’t blithely suggest that 90 percent of the current deficit “is as a consequence” of his predecessor’s policies — and not his own.”