The all-time record deficits we are now enduring are the consequence of accumulated Republican fiscal mismanagement, first under Reagan and Bush Sr and then, following Clinton’s transformation of then-record deficits into record surpluses, Bush Jr transformed the record Clinton surpluses back into new record deficits, with two unfunded wars, corporate welfare and tax cuts for the few richest elites and lack of oversight over financial markets leading to an economic collapse. (Dick Cheney famously counseled Bush Jr that “Reagan proved that deficits don’t matter.”)
Then Obama rescued us from the Bush economic free fall and could have done even more if he hadn’t faced unprecedented Republican obstruction and filibuster abuse as he tried to FIX what THEY BROKE. Despite this unprecedented obstruction, Obama had amazing success in cutting back the size of government, reducing by 2/3 the record deficits he had inherited from Reagan/Bush/Bush with a record 84 consecutive months of job gains.
The only two presidents to achieve balanced budgets in the last SIXTY YEARS were LBJ (despite the costs of the Vietnam War, Apollo Space program and War on Poverty, with a 70% top marginal tax rate) and Bill Clinton, who had four straight surplus budgets after he passed Reinventing Government (REIGO) without one single Republican vote.
Only one more in the last 50 years has even reduced the annual budget deficit — Barack Obama — who slashed deficits every year after his first, with the cumulative total cut by more than two thirds off, to one third the amount he inherited from Bush Jr., though he never made it all the way to a surplus.
And now, once again, Trump is following the Bush Jr play book (Cheney: “Reagan proved deficits don’t matter”), and has blown up the deficits and debts to new stratospheric levels.
Conservatives have a lot of nerve trying to lecture progressives on fiscal responsibility.
Deficit hawks? More like an economic CHICKENHAWKS.
The all-time record deficits we are now enduring are the consequence of accumulated Republican fiscal mismanagement, first under Reagan and Bush Sr and then, following Clinton’s transformation of then-record deficits into record surpluses, Bush Jr transformed the record Clinton surpluses back into new record deficits, with two unfunded wars, corporate welfare and tax cuts for the few richest elites and lack of oversight over financial markets leading to an economic collapse. (Dick Cheney famously counseled Bush Jr that “Reagan proved that deficits don’t matter.”)
Then Obama rescued us from the Bush economic free fall and could have done even more if he hadn’t faced unprecedented Republican obstruction and filibuster abuse as he tried to FIX what THEY BROKE. Despite this unprecedented obstruction, Obama had amazing success in cutting back the size of government, reducing by 2/3 the record deficits he had inherited from Reagan/Bush/Bush with a record 84 consecutive months of job gains.
The only two presidents to achieve balanced budgets in the last SIXTY YEARS were LBJ (despite the costs of the Vietnam War, Apollo Space program and War on Poverty, with a 70% top marginal tax rate) and Bill Clinton, who had four straight surplus budgets after he passed Reinventing Government (REIGO) without one single Republican vote.
Only one more in the last 50 years has even reduced the annual budget deficit — Barack Obama — who slashed deficits every year after his first, with the cumulative total cut by more than two thirds off, to one third the amount he inherited from Bush Jr., though he never made it all the way to a surplus.
And now, once again, Trump is following the Bush Jr play book (Cheney: “Reagan proved deficits don’t matter”), and has blown up the deficits and debts to new stratospheric levels.
Conservatives have a lot of nerve trying to lecture progressives on fiscal responsibility.
Deficit hawks? More like an economic CHICKENHAWKS.