Re: Let's Go Back to the Clinton Spending Levels

. . .
> RUSH: The way to complete that is to say, "Okay, Mr. Democrat friend, then
> let's go back to the Clinton-era spending levels, too. How about that? If
> we had prosperity at the Clinton-era tax rates, and the Clinton-era
> spending, then let's cut spending. Let's get rid of the $6 trillion that
> Obama has added to the national debt. Let's get rid of these four years of
> trillion-dollar annual budget deficits. Let's just cut that out of the
> budget. Let's go back to what it was at it nineties and let's really have
> utopia.
. . .

"Downturn and Legacy of Bush Policies Drive Large Current Deficits
Economic Recovery Measures, Financial Rescues Have Only Temporary
Impact

By Kathy Ruffing and James R. Horney
Updated October 10, 2012

Some lawmakers, pundits, and others continue to say that President
George W. Bush's policies did not drive the projected federal deficits
of the coming decade — that, instead, it was the policies of President
Obama and Congress in 2009 and 2010. But, the fact remains: the
economic downturn, President Bush's tax cuts and the wars in
Afghanistan and Iraq explain most of the deficit over the next ten
years — according to this update of our analysis, which is based on
the Congressional Budget Office's most recent ten-year budget
projections (from August) and congressional action since we released
the previous version of this analysis in May 2011. (For a fuller
discussion, see the technical note that begins on p. 6.)

The deficit for fiscal year 2009 — which began more than three months
before President Obama's inauguration — was $1.4 trillion and, at 10
percent of Gross Domestic Product (GDP), the largest deficit relative
to the economy since the end of World War II. At $1.3 trillion and
nearly 9 percent of GDP, the deficits in 2010 and 2011 were only
slightly lower. If current policies remain in place, deficits will
likely exceed $1 trillion in 2012 and 2013 before subsiding slightly,
and never fall below $700 billion for the remainder of this decade.

The events and policies that pushed deficits to these high levels in
the near term were, for the most part, not of President Obama's
making. If not for the Bush tax cuts, the deficit-financed wars in
Iraq and Afghanistan, and the effects of the worst recession since the
Great Depression (including the cost of policymakers' actions to
combat it), we would not be facing these huge deficits in the near
term. By themselves, in fact, the Bush tax cuts and the wars in Iraq
and Afghanistan will account for almost half of the $18 trillion in
debt that, under current policies, the nation will owe by 2019.[1]
The stimulus measures and financial rescues will account for less than
10 percent of the debt at that time. . . ."

http://www.cbpp.org/cms/index.cfm?fa=view&id=3849

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