[quote=EconProf]Here are a couple of facts released by Treasury about two weeks ago in various sources.
This year will see a federal deficit of 1.84 trillion (note: historically Treasury usually underestimates deficits). This is over 4 times last year’s fiscal year deficit under Bush.
So while Bush was clearly a big spender who thereby did great harm to the conservative cause, his deficits pale next to what we are now in for.
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There is simply no historical precedent for the debt that Obama is generating now. We are in uncharted territory. The “I inherited this mess” defense will only go so far. It’s like inheriting a house from an aunt that is worth less than the mortgage on it, then going out and borrowing even more against the house. Sure, you inherited a dog, but your incompetence has turned the asset into an even bigger dog.