“We have a moral responsibility not to spend more than we take in,” Republican Mitt Romney says in a new 30-second campaign ad. “I’ll stop it.”
The ad cites median family income in the U.S. — $4,000 lower than when President Barack Obama took office. It cites the accrued federal debt — $5.4 trillion higher than when Obama took office.
“Barack Obama: More spending, more debt, failing American families,” the ad concludes.
It overlooks the fact that Obama’s predecessor, President George W. Bush, added 83 percent of the federal debt during his term, with tax cuts and off-the-budget war spending on two battlefronts contributing to growing deficit spending. Obama was handed a record deficit when he took office.
It also overlooks the fact that Obama inherited the worst recession since the Great Depression, officially starting in December 2007, and a financial crisis in October 2008 that prompted his predecessor to initiate a bailout of financial institutions which Obama extended to the auto industry. A Bloomberg Government analysis has shown that 61 percent of the added debt during Obama’s term is a result of economic conditions. The Census Bureau recently reported the median income in the U.S. is at its lowest level since 1995.
Under Obama’s presidency, while Romney cites 43 months of unemployment over 8 percent, Obama points to 30 consecutive months of job growth.