That last massive lie is at the core of Romney's political strategy. By removing that context (which is like talking about the sinking of the Titanic without mentionng the iceberg), Romney is knowingly arguing that the spending and debt levels of the last three years were some kind of choice by a president who just loves to strangle the US economy by spending much more money than we have. But the only president who made that choice was George W. Bush - by crippling revenues, even as he fought wars with no budgets and new entitlements with no end (Medicare D), rendering us bankrupt even as we desperately needed a rainy day surplus to fight the depression.
Obama did not have a serious choice; he had a fate. That fate was to pick up the pieces of the most catastrophic presidency in modern times. The final bouquet - after emptying the public coffers with no serious boost to employment, profits or growth - was the financial collapse, which both shrunk the economy, decimated revenues to 50 year lows, and automatically increased spending for the unemployed and poor in desperate need of help. Once you account for that - and the Nutting graph indeed shows that this was baked in the cake by the time Obama was elected - Obama has been, like most modern Democrats, far more fiscally conservative than any modern Republican.
The President should put Sully in charge of Internet outreach.