"We are going to have to tighten our belts, but we're going to have to do it in an intelligent way, and we gotta make sure that the people who are helped are working American families and we're not suddenly saying that the -- the way to do this is to eliminate programs that help ordinary people and give more tax cuts to the wealthy. We tried that formula for eight years. It did not work, and I don't intend to go back to it."This is not the first time that Obama has faulted President Bush's tax cuts for the country's economic woes. But in truth, the economy was doing just fine until the last couple of years of Bush's presidency. The average unemployment rate for Bush’s first 6 years was 5.29%. Compare that with Bill Clinton's first 6 years in office, where the unemployment rate was 5.58%.
If the economy went sour, it was due to both the mortgage crisis and the problems on Wall Street. It had nothing to do with tax cuts or eliminating government programs. Everyone knows this, but Obama is simply being disingenuous in order to justify his ridiculous tax hikes and exorbitant spending sprees.
Oh well, par for the course, I guess.
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