Can I tell you something. Got to tell you one thing. If you expect the freedom that you say is yours prove that you deserve it. Help us to preserve it or being free will just be words and nothing more.
Kansas, 1974

Saturday, August 06, 2011

Lest We Forget

Just some stuff to remember as we all discuss the downgrading to the US's credit rating by S&P.
After beginning with a Clinton-era surplus in 2001, the Bush administration ran up deficits of $158 billion in 2002; $378 billion in 2003; and $413 billion in 2004. Then, with revenues pouring in, the deficits began to fall: $318 billion in 2005; $248 billion in 2006; and $161 billion in 2007. That 2007 deficit, with the tax cuts in effect, was one-tenth of today’s $1.6 trillion deficit.

Deficits went up in 2008 with the beginning of the economic downturn — and, not coincidentally, with the first full year of a Democratic House and Senate.
Read the whole thing.

Via Instapundit who notes, "People complained about Bush’s spending, but if we could get back to the Bush-era spending and deficits now it would look like a triumph of fiscal responsibility — and Democrats would complain of 'austerity.'"

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