This post is heavily based on an article by D. Fahrenthold and R. Helderman (see Sacramento Bee, July 29, 2011)
Here I go again, ad nauseam about the federal budget deficit crisis. Please read this, and learn FACTS:
1. The total federal deficit is now at $14. 3 trillion.
2. The overwhelming fault for this deficit lies with George W. Bush and the Republican Party.
3. Before President Reagan, until 1981, the federal government had racked up a deficit of $1 trillion.
4. From 1981 to 1989, the Reagan administration added $1.9 trillion to the deficit, mostly due to tax cuts and increased military spending.
5. From 1989 to 1993, President Bush Senior added $1.5 trillion to the deficit, mostly due to the Gulf War and the recession.
6. From 1993 to 2001, President Clinton added $1.4 trillion to the deficit, despite 2 years of federal surplus.
7. From 2001 to 2008, President George W. Bush added $6.1 trillion to the deficit, to pay for two wars and tax cuts for the rich. How on earth does a government decide to go to war and at the same time reduce taxes? Has this lunacy ever happened before in history?
8. From 2008 to 2011, President Obama added 2.4 trillion to the deficit, to pay for the stimulus, and due to the recession, two continued wars, and extension of the Bush tax cuts for the rich.
Therefore:
9. Over the past 30 years, Republicans have been at the helm for 20 years, and they are responsible for $10 trillion of the total deficit, i.e. 70% of it.
10 . Democrats have been in the White House for 10 years, and they have contributed $4.3 trillion of the deficit, i.e. 30%.
It is despicable for demagogues like Charles Krauthammer on Fox News to keep saying that “blaming Obama’s predecessors for the budget crisis is a cheap shot.” That is PRECISELY where the blame lies! Obama has only been in charge for 2.5 years, and his contribution to the deficit is 17%. It would be a lot less if the “Party of No” had not obstructed every one of his efforts to reduce the deficit.
Message to the Tea Party and to the Republican Party: You must understand once and for all that the deficit crisis was created by YOUR President, by YOUR party, i.e. by YOU. The only time in the past 30 years that the government enjoyed a surplus was under Clinton. This was due to a TAX INCREASE (and a peace dividend). The tax increase, far from slowing down the economy, was in fact accompanied by a dynamite economy.
The ONLY solution:Raise taxes. How? For starters, repeal the Bush tax cuts for the rich.
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