The Fiscal Legacy of George W. Bush
Republicans assert that Barack Obama assumed sole responsibility for the budget on Jan. 20, 2009. From that date, all increases in the debt or deficit are his responsibility and no one else’s, they say.
This is, of course, nonsense – and the American people know it. As I documented in a previous post, even today 43 percent of them hold George W. Bush responsible for the current budget deficit versus only 14 percent who blame Mr. Obama.
The American people are right; Mr. Bush is more responsible, as a new reportfrom the Congressional Budget Office documents.
The Republicans began as early as 2001 (pre-9/11) to attack the road to perdition called the housing bubble. Congress (almost primarily the Democrats) refused to balk -- partcularly Chris Dodd & Barney Frank -- because it was such a winning proposition during the Clinton years: somehow people now had a right to own a house, no matter how bad their credit was. After all, the Feds would back up the bad credit for the banks with Fannie Mae & Freddie Mac.
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