What part of the Great GOP Recession did Mitt Romney not see? Oh that's right, he didn't see it because nobody in his elite group has been touched by the Great Recession. Everyone would love to see the national debt reduced, including Obama. What is even more important now is improving the employment problem, which should dwarf all other discussions. Employment may not be an issue for the Romney class, but it certainly is for everyone else.
It's important to note that what Romney is suggesting when he talks about cutting the debt is strict austerity. As the world has noticed, austerity is having a disastrous impact on economies across the UK and Europe. Austerity works when there's an already growing economy but it deepens and extends a crisis when an economy is failing.
One can blame Obama for failing to appreciate how serious the banking crisis was in 2008 (thanks to his delusional economic team) but had he chopped deeper into the Republican-created debt problem, the US would be in much worse economic condition today.
To be clear, what Mitt Romney is promoting on the fund raising trail is the failed policy of austerity. Maybe someone in the Corporate Media world wants to call him out for this and ask him where such policies have ever worked in a weak economy? While they're at it, they can also ask him how removed from the real world he must be if he's managed to miss the Great Recession.
“I find it incomprehensible that a president could come to office and call his predecessor’s record irresponsible and unpatriotic, and then do almost nothing to fix it,” he said.
Bush began his first term in 2001 with a budget surplus that was wiped out by the cost of two wars and tax cuts initiated in his presidency, and the yearly government deficit reached $454.8 billion shortly before he left office in January 2009. Under Obama, the deficit rose to $1.42 trillion at the end of his first year, and is projected by the Congressional Budget Office to be $977 billion in fiscal 2013.
At a fundraiser later in the day -- the first of a four- stop, almost $10 million money tour Romney is making at lavish hotels, country clubs and private homes around Florida -- the former Massachusetts governor kept up his criticism of the president and promised his donors he’d run a more business- friendly government if elected.