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Jul 26, 2011
Obama is paying for Bush's irresponsible fiscal policy
While Obama is trying hard to increase the debt ceiling, Republicans are doing everything to make sure the US defaults for the third time in history (previous defaults were in 1790 and 1933), claiming the president is seeking a "blank cheque". But this whole mess is not due to Democrats' taste for redistribution, it's due to Bush's tax cuts and two unwinnable wars. The deficit Bush created is estimated at $5.07 trillion while Obama's stimulus spending is at $1.44 trillion. Clearly, Bush created the debt problem and now republicans are trying to make things even worse. Dumb people.
ht: Chart Porn
ht: Chart Porn
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I remember a few semesters ago that Paolo Manasse presented a paper in the research seminar. He put up a slide showing that much of America's budget deficit is attributable to falling tax revenue and increased unemployment benefits associated with the recession and weak recovery.
But you are right - incredible that Bush managed to bankrupt the US, and its now Obama who cops the flak.
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