THE BLOG
03/18/2010 05:12 am ET | Updated May 25, 2011

Deficit & Debt: The Republican Legacy

The pablum, the bile, the lies that we are getting from the Republicans and their right-wing storytellers, supported too often by the mainstream media, have put the entire federal deficit and debt onto Barack Obama's shoulders. Well, here's the truth ...

Bush Elected $850 billion SURPLUS

Bush Re-Elected $415 billion DEFICIT

Bush Finishes $1.2 trillion DEFICIT

2009-11-25-GOPDeficits25.jpg

U.S. Budget History
Jan'01: Bush Becomes President

$850 billion SURPLUS

Nov'04: Bush Re-Elected

$415 billion DEFICIT

Jan'09: Obama Becomes Pres.

$1.2 trillion DEFICIT

Republican Debt Legacy
Ronald Reagan (1981-1989)

Started: $1.6 trillion debt

Finished: $3.0 trillion debt

George H.W. Bush (1989-1993)

Started: $3.0 trillion debt

Finished: $4.3 trillion debt

George W. Bush (2001-2009)

Started: $5.8 trillion debt

Finished: $10.8 trillion debt

As Bush Jr. turned an $850 billion budget surplus into a $1.2 trillion dollar deficit, he became responsible, alone, for about 42% of the current national debt.

Sources:
Wall Street Journal / November 25, 2009
http://online.wsj.com/article/SB125911304434363357.html
Washington Post / June 9, 2009
http://www.nytimes.com/2009/06/10/business/economy/10leonhardt.html

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