Bush tax cuts and deregulation caused the recession.

But it's not true. Bush's tax cuts did not cause the last recession.

In fact, once they were fully in effect in 2003, they sparked stronger growth — generating more than 8 million new jobs over the next four years, and GDP growth averaging close to 3%.

Those tax cuts didn't explode the deficit, either, as Obama frequently claims. Deficits steadily declined after 2003, until the recession hit.

I stopped a second Great Depression.

The economy had pretty much hit bottom by the time Obama took office, and long before his policies were in place. The worst declines in monthly GDP and employment, in fact, occurred before he was even sworn in.

My policies are working.

Meanwhile, there are 11.8 million more people on food stamps and nearly 2.7 million more in poverty than when the Obama recovery started.

And while Obama likes to tout the fact that 4 million net new jobs have been created since February 2010, what he doesn't say is that most of those are low-wage jobs that replaced better-paying jobs lost during the recession.

A slow recovery was inevitable.