Barack Obama: Deficits Existential Crisis
on Wednesday, September 12, 2018Barack Obama Money Quote saying Republicans fought Medicare because they refused to increase the deficit, but congress increased the deficit by $1 Trillion by approving a tax cut to the rich and to corporations. Barack Obama said:
“Suddenly deficits do not matter, even though, just two years ago, when the deficit was lower, they said, I couldn’t afford to help working families or seniors on Medicare because the deficit was an existential crisis. What changed?” — Barack Obama
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In this quote, Barack Obama seems to be criticizing shifting priorities and rhetoric around federal budget deficits between Republican administrations. Some key points:
- He notes that recently, deficits are no longer portrayed as a major issue or “crisis” as they were when he was president, despite being at a lower level then.
- Obama questions what has changed to cause this reversal, implying it is politically motivated rather than reflecting objective economic assessments.
- He suggests that previously during his term, Republicans blocked initiatives to aid working families and seniors due to deficit concerns, but those same concerns are now absent even as deficits are higher.
- Obama appears to believe deficit worries were disingenuously used as excuses by opponents to block his agenda rather than sincere fiscal policy positions, given the contradictory messaging depending on who occupies the White House.
Overall, the quote conveys Obama’s view that Republican rhetoric portraying deficits as an “existential crisis” was hypocritically deployed for partisan aims rather than principled fiscal responsibility, as evidenced by the shifting priorities and alarmism depending on political circumstances rather than objective deficit levels.