Wednesday, March 25, 2009

Yes, Mr. Self-Righteous. You inherited a deficit. But, hey, it doesn't mean you have to go and quadruple it!



Obama can pontificate all he wants, but the graph doesn't lie. It reflects not only his own numbers, but those of the CBO.
Rees

Bush Deficit vs. Obama Deficit in Pictures
from The Heritage Foundation
March 25, 2009

President Barack Obama has repeatedly claimed that his budget would cut the deficit by half by the end of his term. But as Heritage analyst Brian Riedl has pointed out, given that Obama has already helped quadruple the deficit with his stimulus package, pledging to halve it by 2013 is hardly ambitious. The Washington Post has a great graphic which helps put President Obama’s budget deficits in context of President Bush’s.

What’s driving Obama’s unprecedented massive deficits? Spending. Riedl details:

President Bush presided over a $2.5 trillion increase in the public debt through 2008. Setting aside 2009 (for which Presidents Bush and Obama share responsibility for an additional $2.6 trillion in public debt), President Obama’s budget would add $4.9 trillion in public debt from the beginning of 2010 through 2016.

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