Fact-checking Obama's Iraq speech

[Geee]

Chicago Sun-Times:


OBAMA: "Unfortunately, over the last decade, we have not done what is necessary to shore up the foundation of our own prosperity. We have spent over a trillion dollars at war, often financed by borrowing from overseas. This, in turn, has shortchanged investments in our own people, and contributed to record deficits."

THE FACTS: This is partly true. The costly Iraq and Afghanistan wars have contributed to the nation's budget deficit -- but not by as much as Obama suggests. The current annual deficit is now an estimated $1.5 trillion. But as recently as 2007, the budget deficit was just $161.5 billion. And that was years after war expenses were in place for both the Afghanistan and Iraq conflicts.

Most of the current deficit is due to the longest recession since the 1930s.