Obama, Bush, And The Deficit
July 14, 2010
Former Bush administration economic adviser Keith Hennessey argues that it's unfair for President Obama to accuse the previous administration of presiding over "a decade of spiraling deficits": I want to focus on that last phrase: a decade of spiraling deficits. The best way to compare deficits over time is as a share of the economy. This first graph shows budget deficits during President Bush’s tenure. On this graph deficits are positive, so up is bad. The dotted green line shows the average deficit since 1970 for comparison (2.6% of GDP). This graph does not show “a decade of spiral
March 25, 2002
Not long ago, I flew to Los Angeles to be a contestant on “The Weakest Link” (the syndicated version with the American dude; British cruelty artist Anne Robinson now only does celebrity competitions in her prime-time slot). While in transit, I entertained fantasies of being picked up at the airport in a limousine.