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Showing Original Post only (View all)"The Damage Done" - George W. Bush's Tab [View all]
Bruce Bartlett tallies it. The damage this single president did to the core of the country's fiscal health - and our ability to weather a storm like 2007 - 2009 - is hard to find parallels with. Money quote:
June 12, 2012, 6:00 AM
The Fiscal Legacy of George W. Bush
By BRUCE BARTLETT
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.
The Fiscal Legacy of George W. Bush
By BRUCE BARTLETT
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.
http://economix.blogs.nytimes.com/2012/06/12/the-fiscal-legacy-of-george-w-bush/
http://andrewsullivan.thedailybeast.com/2012/06/george-w-bushs-tab.html
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Let's not forget how they totally perverted the electoral system and stole two elections.
xtraxritical
Jun 2012
#29
They are going to make it 3 out of the last 4 elections in November...just watch.
Moostache
Jun 2012
#35
Unfortunately I said basically the same thing to anyone that would listen in 1998,
Raster
Jun 2012
#23
I remember watching a Rangers game at the infamous Ballpark at Arlington and....
Raster
Jun 2012
#62
When Truman left the presidency, he left without being financially enriched by the experience.
AnotherMcIntosh
Jun 2012
#7
If I'm not mistaken, I think that he didn't even have a pension from his governmental service.
AnotherMcIntosh
Jun 2012
#15
The damage done from Bush's legacy is a natural byproduct of the damage done from his conception.
Uncle Joe
Jun 2012
#13
Just W's tab? What about all the Blue-Dog Democrats and others who voted to enable
AnotherMcIntosh
Jun 2012
#14
Few human beings are such utter screwups as the Dubya...the Fecal Midas. Everything he touches
NRaleighLiberal
Jun 2012
#17
K&R. I am still longing for Truth & Reconciliation on the Republicans' Last Presidency--
Overseas
Jun 2012
#43
kpete, this post deserves to be on Great Reads. Everybody should email link to article to friends,
Bill USA
Jun 2012
#61