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Thursday, June 11, 2009

Who's Responsible For The Debt?

Overwhelmingly: the GOP and Bush, a fact the vast majority of the right simply ignored for the past eight years. David Leonhardt lays out the facts that Glenn Reynolds and his fellow partisans keep denying

About 33 percent of the swing stems from new legislation signed by Mr. Bush. That legislation, like his tax cuts and the Medicare prescription drug benefit, not only continue to cost the government but have also increased interest payments on the national debt.

Mr. Obama’s main contribution to the deficit is his extension of several Bush policies, like the Iraq war and tax cuts for households making less than $250,000. Such policies — together with the Wall Street bailout, which was signed by Mr. Bush and supported by Mr. Obama — account for 20 percent of the swing.
About 7 percent comes from the stimulus bill that Mr. Obama signed in February. And only 3 percent comes from Mr. Obama’s agenda on health care, education, energy and other areas.

If the analysis is extended further into the future, well beyond 2012, the Obama agenda accounts for only a slightly higher share of the projected deficits.
It is not Obama's debt - or, rather, he owns about 10 percent of it. It's Bush's. And like everything Bush did, he left the wreckage for others to handle after he left the stage. And the bribing, war-making, spending and borrowing didn't even win him any durable popularity. They sold this country, its reputation and its treasure for a one-off re-election.

2000 Early downturn -291 Bil
Bush Policies -673
Current recession -479
Bailout -185
Current programs -282
Simulus -145
Obama programs - 56
Current est. -1215

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