DenverSooner
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lol The biggest one was Ws last. W inherited a surplus and turned it into a $1.4 trillion deficit. So funny to watch right wingers try to hang Ws massive final deficit, which was the culmination of his ruinous policies, on Obama.
Obama has brought it down every single year and really brought it down to below historical averages after his tax legislation in 2012.
Nothing could demonstrate the negative fiscal effects of tax rate cuts better than that chart. From the moment W lowered tax rates the deficit started heading in the wrong direction never recovering where he started even after years of GDP growth. From the moment Obama increased tax rates the deficit started heading in the right direction.
TARP (the bank bailout) was the bulk of the deficit in 2008. It was passed by Congress and signed by Bush after consulting with Obama. Obama wanted it. Even if you tag this expenditure on Bush, it was a one time expenditure and the government claims to have recouped the money (as I understand things). If so, where did it go? I think it was $750,000,000,000. That money should not have been in the next deficit and when it was collected should have reduced future deficits. So year one deficit should be 50% or less of the prior years deficit and this should carry through but it never happened. Furthermore, when 750 billion is collected it should have eliminated the deficit entirely (assuming collection in one year) or at minimum substantially reduced the deficit.
I agree that the Congress and Bush did not do a good job with the alleged surplus; however, two things had a major impact. The economy had crashed prior to Bush taking office. He lowered taxes. These two things had a notable impact on revenue. Additionally, the US was involved in wars meaning notably higher expenses. You can debate Iraq or even say it was a mistake but most don't feel that way about Afghanistan. As the war effort decreased, the budget deficit got better. It went up again with the surge.
The war effort is now fairly low. According to you the economy is great. Taxes (rates and I believe collections) are up. However, we still have a 1/2 Trillion Dollar deficit. Why? I believe the answer is domestic spending has increased very significantly.
Personally, I don't think Obama will be viewed all that favorably in the future. Race relations are bad. Our influence in the world is down. Our economy has not done well. Our debt has skyrocketed. We adopted a massive new entitlement program and I suspect the cost will far exceed estimates.