"Unfortunately, over the last decade, we have not done what is necessary to shore up the foundation of our own prosperity. We have spent over a trillion dollars at war, often financed by borrowing from overseas. This, in turn, has short-changed investments in our own people, and contributed to record deficits. For too long, we have put off tough decisions on everything from our manufacturing base to our energy policy to education reform. As a result, too many middle class families find themselves working harder for less, while our nation's long-term competitiveness is put at risk."
So, Obama insinuates that George W. Bush slashed back "investment" in welfare spending, leaving him with no choice to but drastically increase spending to play catch-up.
With Americans of all political stripes outraged over Obama's policies of out-of-control spending and uncontrolled, unchecked government power, does this rationalization for even more statism pass the smell test?
Not even close. Another Obama misrepresentation.
"Entitlement spending has reached a record 14 percent of GDP...Other spending categories that have grown rapidly since 2000 include: anti-poverty programs (89 percent faster than inflation), K–12 education (219 percent), veterans spending (107 percent), and Medicare (81 percent)." - The Heritage Foundation, Brian Riedl, June 1, 2010, "Federal Spending by the Numbers 2010"
And as for Obama criticizing Bush for the former president's reckless deficit spending?
Obama's first fiscal year deficit will be larger than all of Bush's deficits combined.