Look: I am eager to learn stuff I don't know--which requires actively courting and posting smart disagreement.

But as you will understand, I don't like to post things that mischaracterize and are aimed to mislead.

-- Brad Delong

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Monday, November 15, 2010

That Deficit Thang

No matter what Krugman says, no matter what data he posts, he gets repeatedly trolled in comments.  That's just life, I guess.   Here he posted a graph showing why we have a deficit.  Short answer:  It's the economy, stupid.

Here is data going back to 1990 to put the picture in perspective for deficit hawks.

Let's see -
Big deficits under Bush 1 - Check
Big deficits under Bush 2 - Check
Surpluses under Clinton, due to increased revenues and decreased spending growth -Check
Wheels come off under Bush 2 -- TWICE - Check.

I'd say that just about wraps it up for claims of Repugnicant fiscal responsibility.  But we knew that, didn't we.

Clinton inherited a Bush mesh, but the economy turned and he got bailed out.

Obama inherited a Bush mesh, but has had no luck at all.

Here's a close up.  Receipts flat lined in '07, and the bottom fell out in '08.  Note the '09 blip in expenditures - the stimulus package, and the corresponding increase in receipts that followed directly.  Both are now gone.

1 comment:

nanute said...

...the stimulus package and the corresponding increase in receipts that followed. Both are now gone.

Krugman was right: the stimulus wasn't big enough and not targeted where it would do the most good. And come January we are in for a serious attempt to further compound the problem courtesy of the "pain caucus" waiting to take control of the House.