Monday, March 30, 2009

Projected federal deficits under Obama make Bush look like a pauper when it comes to deficits.

A graph from the Heritage Foundation comparing federal budget deficits under President Bush to those projected under President Obama is an eye opener.

wapoobamabudget1

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:

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 been now been added.

CLARIFICATION: Of course, this Washington Post graphic does not perfectly delineate budget surpluses and deficits by administration. President Bush took office in January 2001, and therefore played a lead role in crafting the FY 2002-2008 budgets. Presidents Bush and Obama share responsibility for the FY 2009 budget deficit that overlaps their administrations, before President Obama assumes full budgetary responsibility beginning in FY 2010. Overall, President Obama’s budget would add twice as much debt as President Bush over the same number of years.

No doubt if Bush were still in office budget deficits would have increased but I don't think near the levels projected under Obama. Partly because Obama is keen on expanding government spending on a wide range of initiatives.

President Bush received much criticism from conservatives for his unwillingness to rein in federal government expenditures. But when compared to the budget deficits projected under President Obama's Administration, Bush's deficits look downright skimpy.

1 comment:

bob said...

perhaps your history isn't very good, but remember back to the new deal.

You wouldn't be here today and have the opportunity to spew your religious based hate if it wasn't for the changes the country made then.

We hope that with the new "spending" as you put it, we will actually have jobs now, instead of the rich getting tax breaks.