June 1, 2011
With the country’s debt practically dominating every political conversation and used to hammer the Democrats, (since the Dems occupy the White House today and controlled Congress for 4 years: 2 under Bush and 2 under Obama), I thought I’d give the following chart that has been passed around a lot lately. As one writer put it, “the deficit chart Republicans hate”. But this chart is not easy to spin. It has the absolute facts to back it up.
What you will see is this: Had the Bush tax cuts, the two wars (Bush “charged” the cost), the economic downturn, TARP, Fannie, & Freddie, and recovery measures (from the recesi-de-pression) not happened, the country would owe about one-third of what we owe today — and escalates in coming years. How’s that for Republican policies?
And here’s one from Ezra Klien on how these same things affect our deficit.
Never underestimate the difficulty of changing false beliefs [with] facts.
Economist Henry Rosovsky