Republicans' "Pledge to America" Doesn't Even Look Good On Paper

Yesterday, the GOP released their video designed to get them votes in the upcoming election:

source: youtube.com

Setting aside the fact that this is probably the dullest video ever made, there are several points that discredit the GOP in this video. One in particular is when they are bashing the country's current leadership:

An arrogant and out-of-touch ruling class of a few makes decisions, issues mandates, and enacts laws without accepting or requesting the input of the many.
Rising joblessness, crushing debt, and a polarizing political environment are fraying the bonds among our people and blurring our sense of national purpose.

 The video seems to forget that our massive debt was incurred during the Bush administration, and it will take more than a couple years to clean up the mess.
Another flaw in their video is that they want to cut taxes and shrink regulation. But isn't that mostly what got us into all this debt? The war in Iraq is the second war (first in 1840 against Mexico) when taxes were decreased. The problem is that wars cost a ton of money, and when we cut taxes, the government didn't have that money, so they borrowed it, hence our debt. Also, lack of regulation is pretty much how the banks failed. People were tricked into impossible mortgages, and the banks couldn't back them up when things got bad. Bankers got money every time they gave a loan, so they didn't care if the person could pay it or not. If we had less regulation, think of the consequences.