The consequences of the Bush II Administration’s policies and its spending spree are staggering. It’s something the so-called tea party movement missed. From the Washington Post:

The day the Bush administration took over from President Bill Clinton in 2001, America enjoyed a $236 billion budget surplus — with a projected 10-year surplus of $5.6 trillion. When the Bush administration left office, it handed President Obama a $1.3 trillion deficit — and projected shortfalls of $8 trillion for the next decade. During eight years in office, the Bush administration passed two major tax cuts skewed to the wealthiest Americans, enacted a costly Medicare prescription-drug benefit and waged two wars, without paying for any of it.

To put the breathtaking scope of this irresponsibility in perspective, the Bush administration’s swing from surpluses to deficits added more debt in its eight years than all the previous administrations in the history of our republic combined. And its spending spree is the unwelcome gift that keeps on giving: Going forward, these unpaid-for policies will continue to add trillions to our deficit.

This fiscal irresponsibility — and a laissez-faire attitude toward the excesses of the financial industry — helped create the conditions for the deepest economic catastrophe since the Great Depression. Economists across the political spectrum agreed that to deal with this crisis and avoid a second Great Depression, the government had to make significant investments to keep our economy going and shore up our financial system.

How is President Obama doing on spending cuts? He’s doing better than former president George W. Bush‎. From the Washington Times:

President Obama notched substantial successes in spending cuts last year, winning 60 percent of his proposed cuts and managing to get Congress to ax several programs that had bedeviled President George W. Bush for years.

The administration says Congress accepted at least $6.9 billion of the $11.3 billion in discretionary spending cuts Mr. Obama proposed for the current fiscal year. An analysis by The Washington Times found that Mr. Obama was victorious in getting Congress to slash 24 programs and achieved some level of success in reducing nine other programs.

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By comparison, the Committee for a Responsible Federal Budget says Mr. Bush won 40 percent of his spending cuts in fiscal 2006 and won less than 15 percent of his proposed cuts for 2007 and 2008.

Mr. Obama’s cuts shine a bright spot in an otherwise dreary budget picture. The Congressional Budget Office said the deficit for fiscal 2010, which began Oct. 1, is building at a record pace, reaching $389 billion for those first three months.

Even though the president succeeded in winning a high percentage of his cuts, they still account for well less than one-half of 1 percent of the total federal budget.

On the Net:

1. The Tea Party Timeline…
2. Conservative Washington Times Impressed by Obama’s Budget Cuts

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