With the Senate poised to vote on a handful of separate budget proposals this evening (including the infamous Ryan-Rogers death-budget), we’d be remiss if we didn’t put that into context as it relates to the massive debt that threatens to default this country like a homeowner with a fraudulent Wall Street-cooked mortgage.
So … is it the faux-socialist health care causing all of this debt? What about them there trillion-dollar wars? Or the TARP bailouts? Or, maybe, it’s all of them, but especially those unemployment checks we’re handing out to lazy people who don’t want to work four jobs just to pay their bills, right?
According to a story by Talking Points Memo, the biggest debt-creator of them all is Bush-era tax cuts for the wealthiest Americans.
The Center on Budget and Policy Priorities has updated and refined a widely cited chart, laying out the origins of the country’s current fiscal trajectory. And as before, the lion’s share of the problem comes from ongoing George W. Bush-era policies — particularly deficit-financed tax cuts, which eliminated Clinton-era surpluses and left the Treasury poised for a huge hit when the financial crisis and economic downturn further eroded federal revenues.
By the end of the decade, CBPP projects that, on the current trajectory, the Bush tax cuts, exacerbated by the economic downturn, combined with the wars in Iraq and Afghanistan will account for the significant majority of public debt as a share of GDP.
And here’s the chart:
Ronald Reagan would be so proud.