Blame Bush? Here's Why We Should!
There has always been something about Republicans and their circling the wagons around the younger George Bush.But you would think that even the "fiscally conservative" members of America's right would cut their loses when it comes to Bush's economic performance. Instead they have constantly defended him and even attempted to rewrite history making the current economic situation start under Barack Obama.
Of course they are totally wrong and today Bruce Bartlett, a man who worked for Ronald Reagan, Ron Paul and even daddy Bush. tallies up the tab of Bush's damage:
Putting all the numbers in the C.B.O. report together, we see that continuation of tax and budget policies and economic conditions in place at the end of the Clinton administration would have led to a cumulative budget surplus of $5.6 trillion through 2011 – enough to pay off the $5.6 trillion national debt at the end of 2000.
Tax cuts and slower-than-expected growth reduced revenues by $6.1 trillion and spending was $5.6 trillion higher, a turnaround of $11.7 trillion. Of this total, the C.B.O. attributes 72 percent to legislated tax cuts and spending increases, 27 percent to economic and technical factors. Of the latter, 56 percent occurred from 2009 to 2011.
And how Bartlett gets to this conclusion is the most interesting part. He highlights just how bad Republican policy is fiscally:
The projected surplus was primarily the result of two factors. First was a big tax increase in 1993 that every Republican in Congress voted against, saying that it would tank the economy. This belief was wrong. The economy boomed in 1994, growing 4.1 percent that year and strongly throughout the Clinton administration.

