Back in February, our big-government and big-spending President predicted dire consequences if the $85.4 billion in Sequester spending cuts went into effect on March 1. He said it would cost jobs and could harm our fragile economy. Despite his warnings, the Sequester automatically kicked in because Congress could not come up with an alternative budget agreement.
So, the President, in order to prove how right he was, decided to make the cuts as obvious and painful to Americans as possible while completely laying the blame at the feet of the Republicans. He shut down the White House tours. He closed federal parks. The Blue Angels and Thunderbirds were grounded. Even tax refund checks were delayed; and, the list goes on.
But what has really happened since sequestration?
Well, the economy has grown at the fastest pace in 2 years with Gross Domestic Product (GDP) moving from a snail's pace of 1.8% in the first quarter of 2013; to 2.5% in the 2nd quarter; then, galloped to 4.1% in the 3rd quarter. In another measure of economic growth, Federal tax revenues hit a record high of $2.47 trillion this year; up $285 billion from the prior year. Then, contrary to the Obama prediction, the unemployment rate fell from 7.7% in February to 7% in November. This was the lowest rate since March of 2009.
Lastly, the very same President who condemned the Sequester spending cuts back in February, has now decided to take credit for those same spending reductions and the resulting deficit reduction. On July 24th, in front of an adoring crowd at Knoxville College in Illinois, he proudly proclaimed: "Our deficits are falling at the fastest rate in 60 years."
You see, with Barack Obama, everything is either a shading of the truth, a half-truth, or an out-and-out lie. The fact is that the Sequester cuts were a mere pin-prick against the massive spending levels that he has created. They were not going to have some enormous impact on the economy or on unemployment. Also, the idea of the Sequester, itself, originated out of Obama's White House. No way could the Republicans be blamed for it. And, to take credit for the reduction in the deficit is just plain hypocrisy.