Friday, October 5, 2012

The Debate: Still Going

Obama's response:

1. "When I walked into the Oval Office I had more than a trillion-dollar deficit greeting me, and we know where it came from: two wars that were paid for on a credit card, two tax cuts that were not paid for, and a whole bunch of programs that were not paid for, and then a massive economic crisis. "

Interesting that he no longer claims that he is only responsible for only 10% of the deficit, which of course, we, with the help of FactCheck, showed it was simply not true.

2. "That's the largest cut in the discretionary domestic budget since Dwight Eisenhower. "

Hmmm...no, not true.  He's actually measuring it in terms of GDP as opposed to actual dollars.  It would actually be the lowest since Clinton, not Eisenhower.  He would make spending be 2.9% of GDP by 2015. 

3. "Now, we all know that we've got to do more, and so I put forward a specific $4 trillion deficit reduction plan. It's on a website, you can look at all the numbers -- what cuts we make and what revenue we raise. And the way we do it is $2.50 for every cut we ask for $1 of additional revenue paid for, as I indicated earlier, by asking those of us who have done very well in this country to contribute a little bit more to reduce the deficit. "

Nope.  Sorry, Mr. President.  $1 trillion of that is coming from the wars winding down in Afghanistan and Iraq.  The projected deficits will never be lower than $476 billion.  It would rise by the last three years of the plan reaching over $560 billion by 2021.

Romney's response:

1. "I have my own plan. It's not the same as Simpson-Bowles. But in my view, the President should have grabbed it. If you wanted to make some adjustments to it, take it, go to Congress, fight for it."

Of course, you don't support Simpson-Bowles, Paul Ryan doesn't support it.  By the way, here's the CBO's review of the "Path to Prosperity."  So, is Romney going to fight for the "Path to Prosperity"?  But praising the Simpson-Bowles plan and then saying, but it's not good enough, sounds unfair.

2. "The CBO says we'll have a trillion-dollar deficit each of the next four years. If you're reelected we'll get to a trillion-dollar debt. But you have said before you'd cut the deficit in half. And I love this idea of $4 trillion in cuts -- you found $4 trillion of ways to reduce or to get closer to a balanced budget, except we still show trillion-dollar deficits every year."

Except, scroll back up.  It's not trillion dollar deficits.  Probably closer $500 billion.

3. "Back in 2010, you said, look, I'm going to extend the tax policies that we have. Now, I'm not going to raise taxes on anyone because when the economy is growing slow like this, when we're in recession, you shouldn't raise taxes on anyone. Well, the economy is still going slow. As a matter of fact, it's growing much more slowly now than when you made that statement. And so if you believe the same thing, you just don't want to raise taxes on people."

I looked at this yesterday and of course, Romney is right to an extent.  It's growing slowly.  We also don't have the numbers yet for all of 2012 and it's possible that we have a higher economic growth for the rest of the year.  But again, Clinton had economic growth with higher taxes.   

4. " It's all those businesses that employ one-quarter of the workers in America, these small businesses that are taxed as individuals."

Ugh. See my last post. Or Neal's thought about small businesses.  Look, I get it. We like small businesses.  But that's not what this is about, is it?

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