I find it interesting that now that there is a democrat as president, the republicans are complaining about the deficit. Where were they when they were running up the deficit? Oh yeah, they were too busy spending. I guess you can't complain about spending too much when you are the ones spending too much.
Of course there are the teabaggers. Come to think about it, where were the teabaggers when the republicans were running up the deficit? Oh! I guess they only come out where there is a democrat in the presidency. Republican overspenders are OK with the teabaggers also.
Republicans and teabaggers say we should stop blaming Bush for the deficit. Anger Bear recently posted an interesting figure showing just where the Bush deficit came from. Here it is in all its glory.
The graph is based on data through 2005 and a projection for 2006 to 2009. The graph shows the on-budget federal budget balance (the budget balance excluding the Social Security Trust Fund surplus). The heavy red bottom line shows the actual annual budget deficit per year between 2000 and 2009. The top blue line shows what would have happened if Clinton's policies has stayed in effect.
Note, that this graph does not include the effects of the financial crisis.
Also note the following:
- About half of the deficit is caused by Bush's unfunded tax cuts. Weren't they supposed to boost tax revenues?
- Another significant portion is expanded defense spending, excluding Iraq.
- If tax laws had remained the same as they were in Clinton’s last year in office, discretionary spending had simply grown at the rate of inflation, Iraq had not been invaded, and entitlement programs had remained unchanged by new legislation – then the federal budget balance would have followed the top-most blue line instead of the bottom-most red line.
- The deficit can be greatly reduced by letting the Bush tax cuts expire and cutting back defense spending to 2000 levels