Yglesias does us the favor of summarizing, in pie chart form, a NYT article by David Leonhardt exploring what comprises our current budget deficit:
— “The first category — the business cycle — accounts for 37 percent of the $2 trillion swing.”
— Second, Bush-era legislation “like his tax cuts and the Medicare prescription drug benefit, [that] not only continue to cost the government but have also increased interest payments on the national debt.”
— Third, “Obama’s main contribution to the deficit is his extension of several Bush policies, like the Iraq war and tax cuts for households making less than $250,000 [...] 20 percent of the swing.”
— Fourth, “About 7 percent comes from the stimulus bill that Mr. Obama signed in February.”
— Fifth, “only 3 percent comes from Mr. Obama’s agenda on health care, education, energy and other areas.”
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[Embiggen]
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(THE GRAPEVINE
EXCELLENT reality check. Wonder what Bruce Bartlett's suggestions would be for this President now?
Bruce Bartlett thinks a sales tax or VAT should be in the cards. It's sure sounder than massive deficits, but of course I would rather dramatic spending cuts (once unemployment normalizes). Alas there's no political will for cuts, so higher taxes seem to be in the cards.
Repealing Bush's cuts is probably the most politically expedient path to get that needed revenue, though not the most economically sound.
Spending cuts sounds great to me. Let's pull all of our troops out of Iraq and Afghanistan and slash the defense budget and payments to defense contractors like KBR. Hundreds and hundreds of billions — out of thin air! :)
Plus legalize and tax weed, along with alcohol and cigarettes, while we're looking for possible solutions (like this will ever even be discussed….alcohol/cig GIANT money lobbies). Continuing to send billions of dollars to fund the "underground", while our country is running on fumes and IOUs, is a crime.
but what percent of the deficit pie chart looks like pac man?