Monday, July 25, 2011
The Bush deficits
The Sunday NY Times for July 24 published an article by Teresa Tritch: How the Deficit Got This Big. She shows, using facts from the Congressional Budget office, that two wars and the Bush Tax Cuts were by far the most important factors in changing the outlook of budget surpluses from the Clinton era to the prospect of huge deficits that we now face. Here are two important tables extracted from this article. The first shows the the dishonest budget projections made during the Bush era. It's important to remember that their estimates of the cost of the war in Iraq were phony from start to finish; in fact, as phony as their excuses for starting the war in the first place. The second chart is a breakdown of the various components of the budget deficits, by administration. Read the article, look at the charts, and judge for yourself.