Unemployment isn’t the only weapon in Republican Mitt Romney’s campaign arsenal.
There’s still a record federal deficit — $1.3 trillion on an annual basis — and accrued federal debt: $16 trillion.
“President Obama says he’s creating jobs, but he’s really creating debt,” the narrator of a new Romney TV ad says.
The borrowed money to pay for the highest deficits in history is coming from China, it says, pointing to one of the largest purchasers of U.S. Treasury bonds. (While China is the overall leader in purchaser of Treasuries, Bloomberg data show that Switzerland led the buyers in July, followed by France, Brazil, Japan, Singapore, the United Kingdom, Chile, Canada — and then China.)
“He’s not just wasting money,” the ad says, “he’s borrowing it and then wasting it.”
Like a lot of problems, President Barack Obama points to his predecessor for the situation he found at inauguration as president: The deficit, already at record levels under President George W. Bush, was compounded by the fiscal crisis of late 2008. The debt has grown by almost half since Obama’s election. It grew by 83 percent under Bush’s two terms.
A Bloomberg Government study also has found that most of the federal deficit today is due to the condition of the economy. Bush also won two major tax cuts without paying for them, and financed two wars off budget.
Asked this week in debate with Obama how he would cut the deficit, Romney cited just two specifics: Repealing `Obama-care’ and cutting federal funding for the Public Broadcasting Service. Democrats, including the president, have taken this week to ridiculing Romney for his solution, as Virginia’s Tim Kaine called it today at the opening of an Obama rally in Fairfax, Va.: “Firing Big Bird.”
This isn’t the first time the Romney campaign has hung the debt on Obama, and it won’t be the last.