Who Is Responsible For The Deficit?

[babylonsister]

This looks shareable.

http://tpmlivewire.talkingpointsmemo.com/2010/06/chart-of-the-day-reminder-the-deficit-youre-freaking-out-about-is-bushs-fault.php?ref=fpblg

CHART OF THE DAY: Reminder, The Deficit You're Freaking Out About Is Bush's Fault
June 28, 2010, 3:19PM
Gregory White and Kamelia Angelova | The Business Insider


President Obama's administration has been blamed for reckless spending that has put America into its debt hole. But in reality, much of that spending emanates from policies of President Bush, according to the Center on Budget and Policy Priorities.

They argue that Iraq, Afghanistan, and the Bush tax cuts (along with the economic downturn) are what is driving the U.S. deficit, not stimulus spending.

The chart presents the ugly truth.

[Xenotime]

1. For some reason people cant grasp the fact that this is all Bush's fault.

[johnaries]

2. There's also a very interesting section in the original CBPP article

that the TPM article links to:

http://www.cbpp.org/cms/index.cfm?fa=view&id=3036

The Effect of President Obama’s Budget

The key question is: where do we go from here? President Obama’s 2011 budget proposes to reduce anticipated deficits over the next ten years, chiefly by letting the Bush tax cuts for high-income taxpayers expire on schedule, closing certain tax loopholes and reforming the international tax system, keeping estate taxes at their 2009 parameters, enacting health care reform, and freezing (in aggregate) most appropriations for non-security domestic programs for the next three years. The President also supports another round of temporary recovery measures that would boost the deficit in 2010 through 2012, a proposal that is appropriate in size and well targeted. Center on Budget and Policy Priorities’ analyses have found that in aggregate, the President’s proposals would reduce deficits over the 2011-2020 period by an estimated $1.3 trillion.

Like most fiscal analysts, we believe that the Administration and Congress will need to take considerably larger steps. The President himself acknowledges that his proposals do not fully put the budget on a sustainable footing and has established a bipartisan fiscal commission to recommend more substantial deficit reductions. First and foremost, policymakers will need to restrain the growth of health care costs. The health reform legislation begins that process. It takes important initial steps to restructure the health care payment and delivery systems and to move away from paying providers for more visits or procedures and toward rewarding effective, high-value health care. As we learn more about how to slow health care cost growth without endangering health care quality, strong additional measures will be essential. But restraining health care cost growth will not itself be sufficient to address the long-term fiscal problem. Other actions also will be needed, including steps to raise additional revenue and make changes in other programs.

[femrap]

3. I love that

chart. When do we tax the rich? When do get to tax the multi-nationals? When will they pay their fair share?

If this just-ended G-8 meeting really does decide to cut their deficits by over half by 2013, we're really f*cked. There will be no safety net. People will be dying in the streets. There will be nothing left for us to lose.

[AtomicKitten]

4. I'd say BushCo deficit spending on two wars, two major taxcuts, and Medicare Part D are to blame.

[Lindsey]

5. Bush/cheny nt

[GlennWRECK]

6. The Bush Administration.

Despite what the conservative media may say.
Point-blank.

[Drunken Irishman]

7. Wow. Amazing. Bush really fucked us with those tax cuts, didn't he?

[Dr Morbius]

8. Wall Street.

Wall Street? Yes, I think so. It was Wall Street who created the Great Recession, as our current economic woes have come to be called. The Great Recession has resulted in government receipts being cut severely, while government outlays have had to increase. Now, a good chunk of our national debt belongs to George W. Bush, and I cannot argue his policies had nothing to do with our current deficit. Indeed, better fiscal policy would have greatly reduced the recession, if not prevented it outright. But if I had to place the blame for the current budget deficit on any one party, that would have to be the banks on Wall Street. The drop in government receipts has been nothing less than stunning.

On the other hand, it would be wonderful if our government had the stones to pass a repeal of Mr. Bush's tax cuts for the rich. But they don't, and we must wait for sunset to arrive.