The Center on Budget and Policy Priorities revises its widely used deficit chart to reflect the chief drivers of debt since the beginning of last decade. The results are nearly identical:
Together, the Bush tax cuts -- and the wars in Iraq and Afghanistan -- account for a huge chunk of current and projected public debt.
Relatedly, it's amazing how much of this has evaded public conversation over debts and deficits. With few exceptions, Republican scaremongering on the debt has come from lawmakers who wholeheartedly supported the offending policies. Both Paul Ryan and John Boehner voted for the Bush tax cuts, the wars in Iraq and Afghanistan, Medicare Part D, and deregulatory policies that contributed to the financial collapse. As director of OMB under President Bush, not only was Mitch Daniels chief advocate for the president's tax cuts, but he consistently lowballed the cost of the Iraq War, promising a $60 billion adventure instead of a trillion-dollar quagmire. And now, we're treated to a host of Republican proposals that promise to increase debt over the next decade, cut taxes for the wealthy, and reduce the social safety net to tatters.
Actual budget seriousness has evaded the Republican Party for at least a decade, if not more, but this has yet to make a dent in the public consciousness. It's baffling.
