Wednesday, January 6, 2010

No/Nothing Republicans created the deficits

The No/Nothing Republicans are quick to blame the Obama administration for the 2009 and future deficits. Turns out the Bush administration and No/Nothing Republicans are the ones responsible. Check out this chart from a report from the Center on Budget and Policy Priorities. The biggest cause of the current and future deficits are the Bush-era tax cuts and the economic downturn that was caused largely by Bush-era deregulation of the financial sector. Obama's stimulus and TARP, Fannie, and Freddie contribute in 2010/11 then become less important from then on. Bottom line No/Nothing Repubs, if you want to know who to blame for the financial mess and future deficits, look in the mirror and at the village idiot from Texas.

To read the entire report go here:

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