Who's debt?
Apr 02, 2012 | 1709 views | 0 0 comments | 12 12 recommendations | email to a friend | print
Dear Editor:

Regarding a letter in the March 22nd edition decrying the additional national debt incurred during the Obama presidency, the writer makes the point that the devil is in the details. I agree.

However, the writer does not acknowledge that when Bush took office the annual budget was in surplus, but that in every year since 2002 the budget fell into deficit, due to tax cuts and the Iraq and Afghanistan wars, so that by Obama’s inauguration in 2009, the annual deficit was $1.2 trillion.

Hence, most of the current deficit is a direct result of the two wars, the tax cuts, non-defense discretionary spending, the Medicare prescription drug benefit and stimulus programs, and bailouts begun during the Bush presidency.

The deficit has continued to increased under the Obama presidency in an effort to ameliorate the recession, which started about a year before Obama took office. I am as dismayed as anyone by the annual and accumulated deficit in this country, but I think it important to understand why we are where we are.

Now that Obama has largely ended one war and is trying to end the second, I suggest that we focus on tax cuts and giveaways that focus on the wealthy and the corporations. That might reduce both the annual and accumulated deficits.

Sincerely,

Mark J. Dallara

Prospect Heights
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