Obama Quadrupled The Deficit:Bush Deficit vs. Obama Deficit in Pictures
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 expanded the federal budget by a historic $700 billion through 2008. President Obama would add another $1 trillion.
- President Bush began a string of expensive financial bailouts. President Obama is accelerating that course.
- President Bush created a Medicare drug entitlement that will cost an estimated $800 billion in its first decade. President Obama has proposed a $634 billion down payment on a new government health care fund.
- President Bush increased federal education spending 58 percent faster than inflation. President Obama would double it.
- President Bush became the first President to spend 3 percent of GDP on federal antipoverty programs. President Obama has already increased this spending by 20 percent.
- President Bush tilted the income tax burden more toward upper-income taxpayers. President Obama would continue that trend.
- 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.
UPDATE: Many Obama defenders in the comments are claiming that the numbers above do not include spending on Iraq and Afghanistan during the Bush years. They most certainly do. While Bush did fund the wars through emergency supplementals (not the regular budget process), that spending did not simply vanish. It is included in the numbers above. Also, some Obama defenders are claiming the graphic above represents biased Heritage Foundation numbers. While we stand behind the numbers we put out 100%, the numbers, and the graphic itself, above are from the Washington Post. We originally left out the link to WaPo. It has now been added.
Read the whole story at Heritage.com
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Comments
Let’s see:
the deficit in fiscal year 2008 (Oct 1, 2007- Sep. 30, 2008) was about $450 billion.
in fiscal year 2009 (Oct 1, 2008 - Sep 30, 2009) was about $1.4 trillion
The budget was submitted by the Administration before the fiscal year began. Since Obama was not yet elected as of Oct 1, 2008, the budget that quadrupled the deficit between 2008-2009 was submitted by the administration of President George W. Bush.
You lie!
Bush may have a hand in the 1.85 trillion debt of 2009, however 700-something million of it was enacted because Obama wanted the stimulus package. Bush did it for the incoming president, it was going to be done anyhow.
Ah, Bush was such a good — a good — Well, he took a budget surplus and turned it into a deficit and set in motion what’s going on now.
Stop the Bush vs Obama argument. It gets us nowhere. The fact is Bush spent way too much. Then comes Obama and he is spending way, way, way too much. STOP the spending. We need a leader who can set us on the road to fiscal responsibility… if we can handle it.
Thank you for shedding some truthful light on the present situation. It’s amazing that most “educated” Americans still believe that Bush is to blame for our deficit. He isn’t free of culpability but what Obama has done to our country’s finances should be criminal. We are going to pay for this for generations, and still no job growth. Today we learn that our bailout funds went to European banks, eg
AIG bailout. If things don’t change immediately, which they likely won’t, then we are on the path of destruction as a nation.