When Democrats took control of Congress in January 2007, the Congressional Budget Office (CBO) projected a $379 billion surplus over the next decade. Now, after four years under Pelosi and Reid, and two years of Obama, the 2007-2016 projection is a deficit of $7.16 trillion. Obama blamed Bush for the nation's fiscal condition. "When I walked in, wrapped in a nice bow was a $1.3 trillion deficit sitting right there on my doorstep." Earlier this year he asserted that "we came in with $8 trillion worth of debt over the next decade." However, according to the CBO neither statement is true.
Obama also overlooks the inconvenient truth that Democrats controlled Congress for two years before he began his presidency. While Democrats credit the minority Republicans with blocking Obama’s agenda, vast credit should be given to the majority Democrats for extraordinary spending and dubious achievement. Remember the promise Pelosi made on the day she became speaker? "Our new America will provide unlimited opportunity for future generations, not burden them with mountains of debt." After four years of Democrat rule, national unemployment rose to 9.5% from 4.4% (California unemployment went from 4.9% to 12.4%) while the Democrat budget will add twice as much debt as President Bush over the same number of years.
So much for unburdened opportunities. Like a weather report: “According to CBO projections covering the next several years, expect high and rising deficits with persistent unemployment, and no relief in sight.”
As a typical Democrat, Barbara Boxer spent two days talking about jobs and the previous 28 years supporting tax increases and job-killing regulations. Since she, Obama, Pelosi, and Jerry Brown have no experience working in the private-sector, it is no wonder they are clueless about employment and economics. To Democrats, ignorance is bliss.
(I borrowed heavily from an article in the Wall Street Journal for inspiration for this post)