Shares of contribution to fiscal deterioration 2009 and 2010

Cause Percent of total---

President Bush's policies 40%

Current economic downturn 20%

President Obama's policies 16%

Financial rescues begun by President Bush 12%

All other 12%

Of course, hard numbers won't jibe with the rhetoric coming from the very crew who let W steward our economy over the cliff from which Obama's now trying to salvage it. Everyone should own up to their role in what's happened over the last 8, going on 9 years. There are no easy fixes, just painful ones and no one's immune from the hurting.

As for the deficit's cause, the single most important factor is the legacy of President George W. Bush's legislative agenda. Overall, changes in federal law during the Bush administration are responsible for 40 percent of the short-term fiscal problem. For example, we estimate that the tax cuts passed during the Bush presidency are reducing government revenue collections by $231 billion in 2009. Also, because of the additions to the federal debt due to Bush administration policies, the government will be paying $218 billion more in interest payments in 2009.

Had President Bush not cut taxes while simultaneously prosecuting two foreign wars and adopting other programs without paying for them, the current deficit would be only 4.7 percent of gross domestic product this year, instead of the eye-catching 11.2 percentdespite the weak economy and the costly efforts taken to restore it. In 2010, the deficit would be 3.2 percent instead of 9.6 percent.

The weak economy also plays a major role in the deficit picture. The failure of Bush economic policiesfiscal irresponsibility, regulatory indifference, fueling of an asset and credit bubble, a failure to focus on jobs and incomes, and inaction as the economy started slippingcontributed mightily to the nation's current economic situation. When the economy contracts, tax revenues decline and outlays increase for programs designed to keep people from falling deep into poverty (with the tax impact much larger than the spending impact). All told, the weak economy is responsible for 20 percent of the fiscal problems we face in 2009 and 2010.

Funny how we never saw the right bitching about Bush exploding the deficits and actually doing something to stop him when they controlled Congress, wasn't it?

But Obama trying to clean up the mess is a communist. Isn't that rich?