NYTimes: In just five months, Obama almost as much to blame for deficits as Bush
Instead of running $800 billion budget surpluses — as was predicted back in the 1990s — America is running trillion dollar deficits. How did that $2 trillion swing happen? The blame breakdown, according to the NYTImes: recession, 37 percent, Bush policies (particularly tax cuts and the prescription drug benefit), 33 percent; Obama continuing Bush policies (Iraq, tax cuts) 20 percent, the Obama stimulus bill, 7 percent; and the rest of the Obama “investment agenda, 3 percent.
Me: So 30 percent is Obama’s fault? He’s only been in office for less than five months and he’s almost as much to blame as Bush who was in office for eight years. Personally, I think not fixing a problem means you get 100 percent of the blame. Buck stops in the Oval Office and all that. The NYTImes makes the common flawed assuption that without the Bush tax cuts, the economy would have performed just as well as it did (and generated the same revenue) from November 2001 through December 2007 when the deficit collapsed.