Why Bush was “so bad” at the end of his term.
(Don’t just skim over this, its not very long, read it slowly and let it sink in. If in doubt, check it out !!!)
The day the Democrats took over was not January 22, 2009, it was actually January 3rd, 2007, the day the Democratic party 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 first time since the end of the 103rd Congress in 1995.
For those of you who are believing the fallacy that everything is “Bush’s Fault,” think about this:
January 3rd, 2007 was the day the Democrats took over the Senate and the Congress (House of Representatives).
At that time:
The DOW Jones closed at 12,621.77
The GDP growth for the previous quarter was 3.5%
The Unemployment rate was 4.6%
And George Bush’s Economic policies (reducing taxes) had set a record of 52 STRAIGHT MONTHS of job growth. (Remember that George Bush the Younger inherited a recession from President Clinton The Flawless.)
Remember the day…
January 3rd, 2007 was the day that Barney Frank took over the House Financial Services Committee and Chris Dodd took over the Senate Banking Committee.
The economic meltdown that happened 15 months later was in what part of the economy? BANKING AND FINANCIAL SERVICES!
Unemployment… adding to this CRISIS (among MANY other things) was the dumping of 5-6 TRILLION Dollars of toxic loans on the economy from Fannie Mae and Freddie Mac FIASCOES!
Bush asked Congress 17 TIMES to stop Fannie & Freddie – starting in 2001 because it was financially risky for the US economy.
And who took the THIRD highest pay-off from Fannie Mae AND Freddie Mac?
And who fought against reform of Fannie and Freddie?… the Democratic Congress!
So when someone tries to blame Bush…
REMEMBER JANUARY 3rd, 2007…. THE DAY THE DEMOCRATS TOOK OVER!”
Budgets do not come from the White House. They come from Congress and the party that has controlled Congress (and the budgets) since January 2007 is the Democratic Party.
Furthermore, the Democrats controlled the budget process for 2008 & 2009 as well as 2010 & 2011.
In that first year, they had to contend with George Bush, which caused them to compromise on spending, when Bush finally and somewhat belatedly got tough on spending increases. However, in 2009 Nancy Pelosi & Harry Reid bypassed George Bush entirely, passing continuing resolutions to keep government running until Barrack Obama could take office. At that time, they passed a massive omnibus spending bill to complete the 2009 budgets.
And where was Barrack Obama during this time? He was a member of that very Congress that passed all of these massive spending bills, and as President, he signed the omnibus bill to complete the 2009 budget.
If the Democrats inherited any deficit at all, it was the 2007 deficit, the last of the Republican budgets. That deficit was the lowest in five years, and the fourth straight decline in deficit spending. After that, the Democrats in Congress had control of spending, and the rest is history… HUGE DEFICITS, and a credit rating downgrade.
If Obama inherited anything, he inherited it from his own Democratic Senators and Representatives led by Harry Reid and Nancy Pelosi. Bur don’t forget Barney Frank, Chris Dodd, Frank Reams and Jimmy Johnson at Fanny and Freddie.