August 23, 2010

CHART OF THE DAY: Deficits, With And Without The Iraq War. “Do you see alarming deficits or trends from 2003 through 2007 in the above chart? No. In fact, the trend through 2007 is shrinking deficits. What you see is a significant upward tick in 2008, and then an explosion in 2009. Now, what might have happened between 2007 and 2008, and then 2009? Democrats taking over both houses of Congress, and then the presidency, was what happened. Republicans wrote the budgets for the fiscal years through 2007. Congressional Democrats wrote the budgets for FY 2008 and on.”

UPDATE: The Anchoress emails: “That deficit graph is going to go viral. This piece in the NY Times from 2006 reinforces it.”

Yeah, note this excerpt:

An unexpectedly steep rise in tax revenues from corporations and the wealthy is driving down the projected budget deficit this year, even though spending has climbed sharply because of the war in Iraq and the cost of hurricane relief.

Well, that was back when the Bush tax cuts were kicking in. Now, in the Age Of Obama, the “unexpectedly” language is in regard to very different kinds of developments . . .