Want to know about the latest truth or lies Vrignia politicians have told while campaigning? 

The Richmond Times Dispatch features  PolitiFact Virginia.

Eric Canter registers in the Pants on Fire category when PolitiFact checks in to his statement “

Eric Cantor

In the past two years, Democrats have “spent more money than this country has spent in the last 200 years combined.

Several quotes from major Virginia races are featured.  Obviously the Truth-o-meter didn’t like Rep. Cantor’s statement. Check it out.


4 Thoughts to “The Truth-o-meter on PolitiFact Virginia in the RTD”

  1. Need to Know

    Congressman Cantor spoke before he had assembled all of the facts, which is not an admirable move, but the key point that spending by President Obama and Democrats over the past nearly two years dwarfs anything that any administration has ever done before remains valid.

    Let’s look at some facts. Check out the numbers for yourself at http://research.stlouisfed.org/fred2/series/GFDEBTN?cid=5.

    At the end of the Bush administration, fourth quarter of 2008, Federal debt stood at $10,699,805,000,000. At the end of the second quarter of 2010 it was $13,201,792,000,000. That is an increase of 23% in less than two years. Federal debt as of now is about $13.7 trillion. Thus, President Obama has mortgaged our future by about another one-quarter of the existing debt since taking office.

    By contrast, the national debt was $5,662,216,000,000 at the end of the fourth quarter of 2000 (end of the Clinton administration) and $6,126,469,000,000 at the end of the second quarter of 2002, for an increase of 8%. This represents the same time frame in President Bush’s administration that President Obama has had thus far.

    During the same amount of time Bush took to grow the debt by 8%, Obama has expanded it about 25%. Obama and his colleagues in the Congress are clearly winning this race.

    President Obama came into office during a recession, but President Bush also inherited a weak economy from President Clinton that was designated officially as a recession less than two months after he was sworn in (http://www.nber.org/cycles/cyclesmain.html).

    TARP does not explain the Obama administration’s massive debt either. I supported TARP and think that both the Bush and Obama administrations handled this situation well. I credit both Presidents and their teams for acting decisively and quickly to avert an even worse economic catastrophe.

    However, TARP is often cited as a $700 billion bailout. In fact, only $386.4 billion was actually used and as of September 30, $199 billion had been paid back (http://online.wsj.com/article/SB10001424052748703431604575522242672430182.html?KEYWORDS=tarp+repayment). Much more of the outstanding TARP debt will also be paid back as we move forward. TARP does not explain the massive debt built up during the Democratic spending spree of the past nearly two years.

    I did not support the Bush spending spree either. Federal debt increased about 90% during the Bush years. This debt is one of the reasons Americans fired the Republicans. Democrats have done far worse, however, to mortgage our economic future. President Obama is on course to overtake President Bush’s spending and borrowing by a wide margin, perhpas even before the end of this term.

    Next Monday, voters are likely to give the House back to Republicans, and at least increase their strength in the Senate. As a lifelong Republican myself, I know that they cannot repeat the fiscal foibles of the Bush administration. Voters want a return to fiscal sanity. The newly elected Republicans must deliver on that wish, or go the way of the Whigs.

  2. Thanks NTK. I guess Cantor should have had you there and then he wouldnt have gotten the pants on fire notice.

  3. Need to Know

    Moon – I’m glad to help. I like the Congressman despite his faux pas here. If, by some chance, someone from his office contacts you, please put us in touch.

    1. @NTK, I will gladly do so.

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