Bush’s Massive Deficits

A commenter points to this article in the neo-con Washington Post pointing out that deficit projections for the next decade add up to $9 trillion. The article says this is because of “Obama’s spending plans.”
So let’s add this up. Bush left office with a $1.2 trillion deficit for a single year. Projections for $9 trillion in deficits over ten years is a reduction in borrowing from Bush levels. How is this because of “Obama’s spending plans?”
And furthermore, Bush spent money on tax cuts for the rich, corrutp government contracts to cronies, and wars. Obama is talking about spending for the people. Unfortunately much of that is for things like unemployment – more legacy from the Republican years…
I see no grounds for complaint, only improvement.

m4s0n501

2 thoughts on “Bush’s Massive Deficits

  1. Here is a UC Berkley and Trinity (Dublin) econ analysis of how we are tracking with the “Big One” event.
    It is a balanced view. We have an aggressive response today. BUT there is no question that economic output WORLDWIDE is down at a FASTER pace than the Great Depression. This is still a little ‘d’ depression event. But if the Keynesian model fails, CA is headed for 15% unemployment very fast. Mostly charts:
    http://www.voxeu.org/index.php?q=node/3421
    Not trying to depress anyone’s psyche. But this EVENT is bigger than CA budgets, housing prices or US Federal deficit spending.

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