First of all, I think what is relevant to Obama is the recession he walked into. Going back further is not salient to the current situation. The economy has steadily improved since the day he took over, but it was a deep hole.

The $100 oil is not due to anything under American control. Unless you are advocating price controls?

The Fed is proceeding with a monetary expansionary policy because typically in a recession there is a fiscal expansionary policy, but that is not happening because of politics. Inflation is low and if it rears its ugly head there is plenty of ammo to fight it because interest rates are low.

Deficits are high because of lower federal revenues from the deep recession and from the tax cut zombies of the right. You're right, assuming the Bush tax cuts expire the debt will go down. Assuming it doesn't will certainly mean higher deficits in the future than are even now predicted. I'm glad you are finally realizing that.