Why Bush Isn’t Responsible for Today’s Debt Crisis
We get it, the last thing President Obama wants is to be blamed for is the nation’s growing debt—or anything else, actually. But the statute of limitations on blaming President George W. Bush for everything—anything—must have run out by now. On the debt in particular, it’s sort of a hard thing to avoid considering President Obama is the first president in history to preside over four years of deficits in excess of $1 trillion.
But in the time honored tradition of the Obama Administration, Treasury Secretary Tim Geithner took to the Sunday talk shows to wrongly lay the blame for the country’s massive debt squarely at the feet of President Bush. Geithner, however, overlooks the truth and ignores just how much deeper in debt President Obama’s failed leadership will leave America in the future.
Speaking on Meet the Press, Geithner claimed that “The vast bulk of the increase in debt is a result of the policy choices made by [Obama’s] predecessor to finance very expensive tax cuts by borrowing, to finance two wars by borrowing, finance a big expansion of Medicare by borrowing, not cutting other spending or raising taxes. That’s the bulk of the contribution.” And of course, Geithner says that Obama is blameless, arguing that his policies “caused only about 12%, a very small fraction of the increase in debt you’ve seen over this period of time.”