A bit of food-for-thought, from Econobrowser

As the right gets all lathered about deficits, which they ignored when one of their own was living at 1600 Pennsylvania, Econobrowser notes which actions contributed most to the deficit – Where\'d that deficit come from?

Nutshell (comparing – left to right – the impact of two tax cuts, the Iraq war, and the new health care reform bill):

And let us never, ever forget:

Former Treasury Secretary Paul O’Neill was told “deficits don’t matter” when he warned of a looming fiscal crisis.

O’Neill, fired in a shakeup of Bush’s economic team in December 2002, raised objections to a new round of tax cuts and said the president balked at his more aggressive plan to combat corporate crime after a string of accounting scandals because of opposition from “the corporate crowd,” a key constituency.

O’Neill said he tried to warn Vice President Dick Cheney that growing budget deficits-expected to top $500 billion this fiscal year alone-posed a threat to the economy. Cheney cut him off. “You know, Paul, Reagan proved deficits don’t matter,” he said, according to excerpts. Cheney continued: “We won the midterms. This is our due.” A month later, Cheney told the Treasury secretary he was fired.

Later,

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