Biden Once Again Blames Republicans and Bush For His Problems

Biden: If I Hear One More Republican Tell Me About Balancing The Budget, I Am Going To Strangle Them.

He went on to say that the Republicans’ new “Pledge to America,” will increase the debt by $1 trillion. He also bloviated that "We’ve seen this movie. We know how it ends” 

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By Joseph Hovanec
NJECPAC Secretary

Its to bad that what Biden said is largely false. Tax cuts have been proven to create growth, but not unlimited growth, they have to be accompanied by spending cuts, especially to balance a budget deficit.

 

The problem with the Republicans during the Bush Administration was they cut taxes and then increased spending. Even that is not what caused this recession. It was mandating banks to give mortgages to people that could not afford them. When those mortgages started to default banks fell like dominoes. That was a policy born of Democrat Andrew Cuomo, currently running for Governor of NY, when he was HUD Secretary. It was further exasperated by mandates pushed by Democrats Barny Franks and Chris Dodd and affirmed by the Democrat controlled Congress.

 

President Bush warned them all of the problem two years before it happened and they ignored the issue just like they continue to ignore projected shortages in Social Security now.

 

The auto industry is another issue and the responsibility for that falls squarely upon Management first and then unions with both to blame. That coincidentally happened at the same time as the mortgage crisis making the recession worse and giving the Democrats an excuse to spend even more money.

 

Democrats have had control of Congress since 2006 when they were handed the reins. In fact they were in control for two years before this recession even started. 

 

All they have done is what they always do, throw money at the problems, pay off the unions, and hope for the best. If there is not enough money, no problem, they just raise taxes. In this recession they have done one better, they opted to increase the deficit more than every President from George Washington to George W Bush combined. they are now using the deficit they created as an excuse to let the Bush Tax Rates expire. That will result in the largest tax increase in American history. How is that going to work out for you? 

 

Regardless of which party comes out on November 3rd as the Majority, this election will decide the financial state of the country for the next 20 years and beyond.