Who’s to blame for rising deficits?

This came up in a side conversation the other night and comes up frequently. So…

Here are two analyses that make the rather obvious point: GW Bush’s policies are responsible for most of the recent increase in the federal budget deficit: about 40% of it. The recession (you know, the worst one in 60 years) is responsible for 20%. The bank bailouts, supported by Obama but begun by Bush in 2008 before the election, account for about 12%.

Obama’s policies? 16 percent.

The new, alarming CBO numbers? Misinterpreted by the media.

And, finally, like a broken record: The only way to bring down those huge deficits in the long-term is to reform our health care system to bring down costs. The. only. way.

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