Many people right now are making a scare story out of the U.S. government’s future deficit projections. Many of these same people are also blaming our government’s horrific projected deficits on the current administration.
Problem is, as shown in the chart below (via The Economist), America’s deficit problems are mostly the result of American wars abroad and the Bush era tax cuts — things the current administration didn’t implement. At the same time the current administration is being pressed not to raise taxes and not to be weak militarily.
Some of the most hated spending topics such as TARP, Fannie Mae, Freddie Mac, and economic stimulus, are actually a tiny contributor in comparison to war and Bush tax cuts. Especially over the long-haul out to 2019 as shown below.
You don’t have to agree with everything the current administration does, but democracy isn’t an effective form of government when voters are blind to the real cause behind the effects they criticise:
[image url="http://static.businessinsider.com/image/4b699c7600000000005d2f83/image.jpg" link="lightbox" caption="" source="" alt="Chart" align="left" size="xlarge" nocrop="true" clear="true"]
The Economist: “This is something Barack Obama has been at pains to point out, as Republicans have attacked him as a profligate spender and runner of deficits. Most of today’s borrowing, he has said, is attributable to factors beyond his control. He is essentially pointing people to charts like the one at right. That’s a damning chart. It implicates a lot of people, including some of the same Congressional Democrats who are now joining Republicans in assailing the president for budgeted deficits, but who voted for the Bush tax cuts and the wars in Iraq and Afghanistan. Politically, this is a pretty important chart.”
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