Do you remember January 3, 2007?
This is just a history lesson. I bet I know who wouldn't read it - those afraid of the truth. It is history and nothing can change it.
The day the Democrats took over was not Jan. 22, 2009. It was actually Jan. 3, 2007, that the Democrats 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 who are listening to the liberals propagating the fallacy that everything is "Bush's Fault," think about this: on Jan. 3, 2007, the Dow Jones closed at 12,621.77. The Gross Domestic Product for the previous quarter was 3.5 percent. The unemployment rate was 4.6 percent. George Bush's economic policies set a record of 52 straight months of job creation. Remember, that day 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. Thank you Democrats- especially Barney - for taking us from 13,000 Dow, 3.5 GDP and 4.6 percent unemployment to this crisis by dumping $5 trillion to $6 trillion of toxic loans on the economy from your Fannie Mae and Freddie Mac fiascoes.
Bush asked Congress 17 times to stop Fannie & Freddie because it was financially risky for the U.S. economy. Barney blocked it and called it a "Chicken Little Philosophy."
And who took the third highest pay-off from Fannie Mae and Freddie Mac? Obama and who fought against reform of Fannie and Freddie? Obama and the Democrat Congress, especially Barney.
So when someone tries to blame Bush, remember Jan. 3, 2007. Bush may have been in the car, but the Democrats were in charge of the gas pedal and steering wheel, they were driving the economy into the ditch. Budgets do not come from the White House. They come from Congress.
Furthermore, the Democrats controlled the budget process for 2008 and 2009, as well as 2010 and 2011. In that first year, they had to contend with George Bush, which caused them to compromise on spending. For 2009 though, Nancy Pelosi and Harry Reid bypassed George Bush entirely, passing continuing resolutions to keep government running until Barack Obama could take office. At that time, they passed a massive omnibus spending bill to complete the 2009 budget. And where was Barack Obama during this time? He was a member of that very Congress that passed all of these massive spending bills, and he signed the omnibus bill as president to complete 2009.
Let's remember what the deficits looked like during that period. If the Democrats inherited any deficit, 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, Democrats in Congress took control of spending, and that includes Barack Obama, who voted for the budgets. If Obama inherited anything, he inherited it from himself. In a nutshell, what Obama is saying is, "I inherited a deficit that I voted for, and then I voted to expand that deficit four-fold since Jan. 20."