Obama Misdiagnoses Source of Deficits
Brian Riedl /
President Obama says he wants to reduce America’s record trillion-dollar deficits. Too bad he hasn’t even correctly diagnosed their cause.
During his State of the Union Address, the president asserted: “At the beginning of the last decade, America had a budget surplus of over $200 billion. By the time I took office, we had a one-year deficit of over $1 trillion and projected deficits of $8 trillion over the next decade. Most of this was the result of not paying for two wars, two tax cuts, and an expensive prescription-drug program.”
In other words, it’s President George W. Bush’s fault.