Tuesday, September 08, 2009

Your Federal Budget, In Pictures

Tell me I'm not the only one concerned about this:
The bulk of the money going into federal coffers comes from “borrowing and other net financing,” followed by the individual income tax.
Michael Barone writes:
It’s far from obvious that our current economic predicament requires an increase in federal indebtedness comparable to that which was necessary to prosecuting World War II.
Far from obvious indeed!


thinking said...

And let's not forget that this is Bush's deficit.

David Leonhart did a great analysis for the NYT using CBO data, and according to his breakdown:
About 37% comes from the downturn in the business cycle, both in 2001 and the current recession.
About 33% comes from Bush policies.
20% comes from Bush policies that have been extended under Obama, such as the Iraq war and tax cuts for households making less than $250,000.
Only about 10% comes from the stimulus bill and other Obama initiatives, including healthcare, energy, etc.

From Andrew Sullivan:
And like everything Bush did, he left the wreckage for others to handle after he left the stage. And the bribing, war-making, spending and borrowing didn't even win him any durable popularity. They sold this country, its reputation and its treasure for a one-off re-election.

Finally, let us remember this: Republican presidents have been atrocious at balancing the federal budget. Reagan, Bush 1, and Bush 2, were all disasters in this category. They make Jimmy Carter look good on fiscal discipline. And Bill Clinton...no one comes close.

So it's very hypocritical to hear Republican leaders talk of fiscal discipline.

thinking said...

Get rid of the Bush tax cuts and the Iraq war, and most if this deficit disappears.

Where was Michael Barone at that time? Oh yeah, he was cheerleading for those Bush policies...

Now he has the gall to criticize the deficits...