THE INHERITED DEFICIT FALLACY: Read it all, but there are two points worth repeating.

ONE: Congress controls spending. The Democrats took control of Congress in 2007 and the White House in 2009, so the deficits in 2008 ($400 billion), 2009 ($1.8 trillion), 2010 ($1.4 trillion), 2011 ($900 billion (estimated)), etc., weren’t inherited.

TWO: When you’re $1.8 trillion in debt, more borrowing is not an option. Cutting the size and cost of government is.