Wednesday, October 12, 2011

Republican lies

Exposing 10 Republican Economic Lies

LIE -- The government won't work right (and to the benefit of all citizens) until the national debt is eliminated and a balanced budget is imposed.

TRUTH -- I'm not sure how they would know this because the United States government has never been out of debt in the entire history of this country. When the very first Congress adjourned they had left the country with a national debt of $75 million. The debt was close to being eliminated in 1835 (when the country owed just $34,000), but a recession the next year (which caused a 33% decline in business and lasted for two years) took care of that. Since then the debt has climbed. Although the debt has set a new "record high" since the 1950's in absolute terms, a better measure is to compare the debt to the country's Gross Domestic Product (GDP). This peaked in World War II at about 120% of GDP, but it has not been close to that figure since then.

LIE -- The current national debt is largely a result of the policies of President Obama.

TRUTH -- Most of the national debt can be traced directly to Republican policies and actions. A big hunk of the debt is due to the massive tax cuts for the rich -- a little more than $400 billion each year. The two unnecessary Bush wars also added (and continue to add) to the debt at a rate of about $2 billion each week. Most economists believe that without these two things the national debt would be about two-thirds lower than it currently is. The millions of jobs lost in the Republican recession also took away millions of taxpayers which could have been paying into the government tax revenues.

Read more at jobsanger

Exposing 10 Republican Economic Lies


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