Future Deficits Not Caused By Obama
Back in June, I analyzed the causes of the National Debt’s sharp increase between 2001 and 2011. I concluded that 12% of the increase was due to Obama’s policies, and the remaining 88% was caused by the policies of George W. Bush and the effects of two recessions.
The Center On Budget And Policy Priorities (CBPP) has recently performed an analysis for future deficits, with a similar finding.
The events and policies that pushed deficits to these high levels in the near term were, for the most part, not of President Obama’s making. If not for the Bush tax cuts, the deficit-financed wars in Iraq and Afghanistan, and the effects of the worst recession since the Great Depression (including the cost of policymakers’ actions to combat it), we would not be facing these huge deficits in the near term. By themselves, in fact, the Bush tax cuts and the wars in Iraq and Afghanistan will account for almost half of the $18 trillion in debt that, under current policies, the nation will owe by 2019. The stimulus measures and financial rescues will account for less than 10 percent of the debt at that time.
As usual, a picture is worth a thousand words:
They also estimate that, going forward…
Just two policies dating from the Bush Administration — tax cuts and the wars in Iraq and Afghanistan — accounted for over $500 billion of the deficit in 2009 and will account for $6 trillion in deficits in 2009 through 2019, including the associated debt-service costs. By 2019, we estimate that these two policies will account for almost half — nearly $9 trillion — of the $18 trillion in debt that will be owed under current policies.