Please see below for a fact check to Crossroads GPS’ ad attacking President Obama’s economic record.
 
REPUBLICANS ARE EMBRACING DUCK, DODGE AND DISMANTLE PLAN WHICH WILL HURT OUR ECONOMIC RECOVERY
 
Ø  The Center For Budget And Policy Priorities Called The Cut Cap And Balance Act “One Of The Most Ideologically Extreme Pieces Of Major Budget Legislation To Come Before Congress In Years, If Not Decades.” [CBPP, 7/16/2011]
 
Ø  The GOP Cut, Cap And Balance Plan Would Cost 700,000 Jobs. [CBPP, 7/16/11]
 
Ø  The Cut, Cap And Balance Plan Would Mean Even More Cuts Than The House GOP Budget, Which Already Would:
 
o    End Medicare as we know it and double out of pocket costs for future beneficiaries;
o    Increase the number of uninsured Americans by 50 million;
o    Cut clean energy investments by 70 percent;
o    Cut infrastructure by one-third; and
o    Cut 320,000 children from Head Start. [White House Blog, 7/19/11]
 
Ø  The Cut, Cap And Balance Proposal Could Result In More Cuts To Social Security And Medicare. [White House Blog, 7/19/11]
 
PRESIDENT OBAMA’S SOLUTIONS HAVE HELPED ADD 2.2 MILLION PRIVATE SECTOR JOBS OVER THE LAST 16 MONTHS
 
Ø  The U.S. Economy Has Added 2.2 Million Jobs Over The Last 16 Months. [bls.gov, accessed 7/8/2011]
 
Ø  Private-Sector Employment Increased For The Last 16 Consecutive Months. [bls.gov, accessed 7/8/11] 
 
Ø  GDP Has Now Grown For Seven Consecutive Quarters, Including Continued Growth In The First Quarter Of 2011. [CEA Seventh Quarterly Report, 7/1/11]
 
THE RECOVERY ACT LED UP TO 3.6 MILLION JOBS SINCE FEBRUARY 2009; GDP INCREASED FOR 7 CONSECUTIVE QUARTERS
               
Ø  As Of The First Quarter Of 2011, The Recovery Act Raised Employment By 2.4 To 3.6 Million Jobs. [CEA Seventh Quarterly Report, 7/1/11]
 
Ø  The Recovery Act Has Raised The Level Of GDP As Of The First Quarter Of 2011 By Between 2.3 Percent And 3.2 Percent.  [CEA Seventh Quarterly Report, 7/1/11]
 
Ø  The Nonpartisan CBO Estimated That ARRA’s Policies Raised GDP, Lowered The Unemployment Rate, And Increased The Number Of People Employed In The First Quarter Of Calendar Year 2011. [CBO, 5/25/2011]
 
PRESIDENT OBAMA LOWERED TAXES ON 95 PERCENT OF AMERICANS THROUGH THE RECOVERY ACT, PASSED 17 TAX CUTS FOR SMALL BUSINESSES
 
Ø  The Recovery Act Cut Taxes For 95% Of Taxpayers, Including All Low-Income Earners. [The Arizona Republic, 2/22/09]
 
Ø  Since Coming Into Office President Obama Has Signed Legislation Creating Or Extending 17 Small Business Tax Cuts And Credits. [White House Blog, 2/25/11]
 
LARGEST PORTION OF LONG TERM DEBT CAUSED BY TAX CUTS FOR THE RICH AND WARS IN IRAQ AND AFGHANISTAN, NOT BY OBAMA OR RECOVERY
 
Ø  CBPP: Bush Tax Cuts And Wars Account For Nearly Half Of Long Term Debt; Stimulus And Financial Crisis Response Account For Less Than 10 Percent Of long Term Debt.  “By themselves, in fact, the Bush tax cuts and the wars in Iraq and Afghanistan will account for almost half of the $20 trillion in debt that, under current policies, the nation will owe by 2019. The stimulus law and financial rescues will account for less than 10 percent of the debt at that time.” [Center for Budget and Policy Priorities, 5/10/2011]
 
Ø  USA Today: National Debt “Almost Doubled” Under President Bush. [USA Today, Editorial, 2/12/09]
 
Ø  President Bush Overall Added $5 Trillion To The National Debt.  [U.S Department of Treasury, Bureau of Public Debt, Public Debt 2001-2008; Politifact.com, St. Petersburg Times, “Truth-O-Meter,” 1/18/09]
 
Ø  Politifact: Obama Inherited $1.3 Deficit and $8 Trillion in Debt From Bush Administration. [Politifact, 1/29/10]