Charting Political Blame for Deficit & Debt

Byron York has a piece about how Obama supporters, Democrats, etc. take it as an article of faith that all of our economic woes are due to “the past 8 years” (ie; under President Bush). He provides some numbers from the OMB to refute that charge. In an attempt to provide a picture of what he’s talking about, I also went to the OMB for data and came up with the following:

PoliDeficit.JPG

York’s analysis (bulleted by me):

* Revenues fell in Bush’s first two years because of a combination of the tech bust and the start of the tax cuts. But then things took off…[for]…a 44 percent increase from 2003 to 2007. (Revenues slid downward a bit in 2008, and a lot in 2009, when the financial crisis sent the economy into a tailspin.)
* [T]he Bush administration ran up deficits of $158 billion in 2002; $378 billion in 2003; and $413 billion in 2004. Then, with revenues pouring in, the deficits began to fall…[to] $161 billion in 2007…[which], with the tax cuts in effect, was one-tenth of today’s $1.6 trillion deficit….Deficits went up in 2008 with the beginning of the economic downturn — and, not coincidentally, with the first full year of a Democratic House and Senate.
* When Bush took office in January 2001, the debt was about $5.7 trillion, according to Treasury Department figures….When Bush left office in January 2009, the debt was $10.6 trillion. He had increased the national debt almost….$5 trillion over both terms (…$2 trillion came under a Democratic Congress)….The debt stood at $10.6 trillion when Barack Obama took office in January 2009. Now, it’s about $14.4 trillion. The president has increased the national debt nearly $4 trillion in his first two and a half years in office.

As York continues, obviously, Bush did not have a stellar spending record (No Child Left Behind, Prescription Drugs, TSA, etc.). But it’s clear that, while both parties had their hands in the cookie jar, when Democrats gained control of everything they basically just turned the cookie jar over.

0 0 votes
Article Rating
Subscribe
Notify of
guest
2 Comments
Oldest
Newest Most Voted
Inline Feedbacks
View all comments
Tommy Cranston
Tommy Cranston
10 years ago

Truth:
Democrats want to drive over the cliff with the petal to the metal and toxic rap music blasting;
Republicans want to drive over the cliff at 65 with nice pleasant new country music playing.
Unless we’re willing to dismantle the military industrial complex, educational industrial complex, police state, national security state AND fairly reform (not dismantle) entitlements we are DOOMED.
Oh and take all the illegals and acnchor babies and kick them out on their asses with no due process.

Ralph
Ralph
10 years ago

Just another bit of context. The Bush deficit in 2007 was $161 billion for the year. In one day, on August 3, 2011, the United States debt increased by $238 billion.

Show your support for Anchor Rising with a 25-cent-per-day subscription.