In a display of truly heroic lack of self-awareness, the Obama campaign has been claiming that Romney’s proposed tax cuts will add $5 Trillion to the national debt. Yes, the man that has added more than $5 Trillion to the debt while still in his first term is telling you not to vote for Romney because he thinks Romney will add $5 Trillion to the debt. It’s truly a wonder to behold.
And besides the open-handed, slap-you-full-on-square-in-the-middle-of-your-face irony, there’s also the lack the economic understanding. If tax cuts add so much to the debt, somebody should tell that to the biggest tax-cutters of the 20th century, Warren Harding and Calvin Coolidge. During the Harding/Coolidge Administrations was the last time the national debt consistently decreased.
Despite what we commonly hear, the debt increased every year under Clinton. They technically balanced the budget for a few years, but that was by not including things in the budgets. The national debt deceased a few time in the 40’s and 50’s (56, 55, 50, 47, 46), but it decreased every single year under Harding and Coolidge – from $22.9 Billion in 1921 to $16.9 Billion in 1929.
Harding and Coolidge cut the top tax rate from 70% to 25%. So….I guess my point is that Obama is dumb.