Some lawmakers, pundits, and others continue to say that President George W. Bush’s policies did not drive the projected federal deficits of the coming decade — that, instead, it was the policies of President Obama and Congress in 2009 and 2010. But, the fact remains: the economic downturn, President Bush’s tax cuts and the wars in Afghanistan and Iraq explain most of the deficit over the next ten years — according to this update of our analysis, which is based on the Congressional Budget Office’s most recent ten-year budget projections (from August) and congressional action since we released the previous version of this analysis in May 2011. (For a fuller discussion, see the technical note that begins on p. 6.)
The deficit for fiscal year 2009 — which began more than three months before President Obama’s inauguration — was $1.4 trillion and, at 10 percent of Gross …
Filed under: Banks, Blogosphere, Economic Recession, Election 2012, Job Sector, National Debt, News, Political Economy, propaganda and spin, Bush Administration and the recession, Bush legacy, George W. Bush, US Economic deficit Bush legacy