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GOP caught lying about the deficit...Leave off last 4 Quarters of Bush Admin

Mitch McConnell stated over the weekend last year of the Bush administration, the deficit as a percentage of gross domestic product was 3.2 percent...McConnell only counts Q1 2008....Leaving out last 3 quarters of 2008 and Q1 of 2009.

Paul Krugman
July 19, 2010, 1:45 pm
The Bush Deficit Bamboozle
OK, even by contemporary standards, this is rich: the official Republican stance is now apparently that Bush left behind a budget that was in pretty good shape. Mitch McConnell:

The last year of the Bush administration, the deficit as a percentage of gross domestic product was 3.2 percent, well within the range of what most economists think is manageable. A year and a half later, it’s almost 10 percent.

They really do think that we’re idiots.

So, that 3.2 percent number comes from here (pdf). Where’s the bamboozle? Let me count the ways.

First, they’re hoping that you won’t know that standard budget data is presented for fiscal years, which start on October 1 of the previous calendar year. So this isn’t the “last year of the Bush administration” — they’ve conveniently lopped off everything that happened post-Lehman — TARP and all.

Second, they’re hoping you won’t look at what was happening quarter by quarter. Here’s net federal borrowing as a percentage of GDP, quarter by quarter, since 2007:


Can we agree that the deficit in the first quarter of 2009 — Obama didn’t even take office until Jan. 20, the ARRA wasn’t even passed until Feb. 17, and essentially no stimulus funds had been spent — had nothing to do with Obama’s polices, and was entirely a Bush legacy? Yet the deficit had already surged to almost 9 percent of GDP. Even in 2009 II, Obama’s policies had barely begun to take effect, and the deficit was already over 10 percent of GDP.

What this chart really tells us is what you should have known already: the deficit is overwhelmingly the result of the economic slump, not Obama policies. But the usual suspects want to fool you.

I’d like to think that the raw dishonesty of this latest Bush defense would be obvious to everyone. But after the past decade, I’ve stopped believing such things. They think we’re idiots — and they may be right.


Click to view image: '251054897db1-bush_deficit.png'

Added: Jul-19-2010 
By: joalexan
In:
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Tags: Paul Krugman, GOP lies, Deficit
Views: 6318 | Comments: 25 | Votes: 4 | Favorites: 0 | Shared: 0 | Updates: 0 | Times used in channels: 1
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  • No argument here Washington spent like drunken sailors under the Bush Administration. However they are doing the exact same now under Obama, whoever is in charge doesnt make it right no matter what the reason.

    Posted Jul-19-2010 By 

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    • You're right but for me spending on an illegal war is very different from spending on the health care of your nation...



      .

      Posted Jul-19-2010 By 

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    • Another awesome and well said point.

      Iraq can defend itself now, for the most part.... I say use that war money for the health of America in the meantime while we figure out the bs.... who is listening though? :x

      Posted Jul-19-2010 By 

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    • Agreed. Defense spending is a constitutional responsibility of the US federal government.

      Health care is not.

      Posted Jul-19-2010 By 

      (-4) | Report

    • Bush was bad, Democrats in control of the entire federal government are far, far worse.

      Reckless spenders in BOTH parties have put the country in the position of having to inflict a lot of pain in order to get out from under debt that's going to create a whole lot more misery unless it's addressed.

      Posted Jul-19-2010 By 

      (1) | Report

    • Iraq was not for defense, it was for false intelligence that was gotten from torture of a suspect who blurted out what they wanted to hear.

      And the wars are doing dick to prevent terrorism, we get the shoe bomber, the underware bomber, and the car bomber, all of which had to be caught by citizens while the government is too busy spying on it's citizens.

      Posted Jul-19-2010 By 

      (3) | Report

  • All these fucking neocons do is lie. Whether they're talking about the economy or sending the nation to war, it doesn't matter. They beleive you have to lie and brainwash the sheeple in order to put policies in place that make the rich even richer.

    Posted Jul-19-2010 By 

    (4) | Report

  • they also added the Bush bailouts onto the 2009 Obama debt, remember..

    They spend like drunken sailors, give massive tax breaks that benifits the wealthiest, start two wars without any way to pay for them, and then suddenly start worrying about "fiscal responsibility"; screaming about socialism and communism when the next democrat comes in and tries to fix things.

    Next republican administration will do the same thing.. more tax breaks, deregulate stock market, rack up debt continuing More..

    Posted Jul-19-2010 By 

    (4) | Report

  • We expect better?

    Posted Jul-20-2010 By 

    (0) | Report

  • He should only be blaming Obama for the insanity that has ensued since Obama took office.

    There's mixed blame since 2006, since the Dems took the House (and the spending policy), and TARP was a bi-partisan fiasco.

    Obama can be blamed for aggressively expanding government spending since he took office, as well as doing all the wrong things to "stimulate" the economy...which is prolonging our recession, costing jobs, and going to stall the economy again in 2011.

    McConnell should ackn More..

    Posted Jul-19-2010 By 

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  • Hey, who was running the House of Representatives since 2006?

    Fail.

    Posted Jul-19-2010 By 

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  • Krugman is a tool.

    TARP was a big, and unfortunately, necessary (to some degree) scam that wouldn't have been required at all had the federal government stuck to being a referee for the financial sector, rather than trying to actively manage it.

    Second, his attempts to blame Bush are just lame. What Obama and the Dems are doing is even more indefensible than Bush.

    Enjoy your tax hikes and your even greater deficits...and the coming inflation.

    Posted Jul-19-2010 By 

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  • Oh were back to blame bush?I thought it was still racist tea party week!Glad you have little variety
    in your two talking points from your master.
    And remember kids,arguing with a liberal is like
    flirting with a pole dancer!

    Posted Jul-19-2010 By 

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  • Who controlled the budget during the last two years of his presidency? You seem to forget that almost every dem voted for Tarp, and 2 out of three republicans oppose it.


    care to comment about your selective memory?

    Posted Jul-19-2010 By 

    (-3) | Report