While it is true that Obama largely contributed, it really was Bush that exploded the debt in the first place.
The Truth About Who's Responsible For Our Massive Budget Deficit - Business Insider
Here are some good highlight from the article:
Ya, see? Paying taxes is good.
Here is the meat of the article when it comes to who is to blame.
The Truth About Who's Responsible For Our Massive Budget Deficit - Business Insider
Here are some good highlight from the article:
The increase in government spending, meanwhile, is actually NOT the only factor that has caused the deficit. The other factor--equally if not more important--is the fall-off in government revenue (tax receipts).
Ya, see? Paying taxes is good.
Here is the meat of the article when it comes to who is to blame.
So, who's responsible for the massive deficit?
This is a tougher question.
We know WHAT is responsible: The combination of weak government revenues (tax receipts) and a vast increase in government spending.
But figuring out WHO to blame is a more subjective exercise.
If you believe that the growth during the "Bush Boom" was a debt-fueled mirage--a theory that is certainly supported by the evidence--then you can lay the blame squarely at the feet of President Bush. His combination of reduced taxes and increased spending took the US from a surplus to a deficit, and even the economic boom from a massive housing bubble and enormous borrowing couldn't close the gap.
Even if you think the "Bush Boom" was real, moreover, the recession and financial crisis began on his watch, and the deficit was already exploding when President Obama took office. So it's very hard to escape the conclusion that President Bush bears a lot of the responsibility for our current mess.
On the other hand, President Obama's stimulus certainly hasn't had as big an impact on the economy (and, therefore, government revenues) as he and his advisors promised it would. Given the extent of the mess Obama inherited, it's possible that nothing would have fixed it by now. But even huge Obama supporters are justifiably frustrated with his over-promising, as well as with many of the decisions he has made.
So it seems fair to lay some of the responsibility for our current deficit at President Obama's feet as well.
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