something most of us probably have forgotten, or would not think of. One reason I still read Somerby every day - because I learn things, which is not always true on DU.
http://www.dailyhowler.com/dh072711.shtml"But Pawlenty made a remarkably basic claim—and Crowley failed to challenge it:
PAWLENTY (7/24/11): 'Well, first, let's—I do want to say, let's remember how we got here. President Obama took office with a $500 billion or so deficit, and he ran it up the deficit to $1.5 trillion—excuse me, $1.5 trillion.'
Say what? It’s true that the deficit for fiscal year 2008 was roughly $450 trillion. But, as Crowley surely knows, that fiscal year ended in the fall of 2008, with Candidate Barack Obama still on the campaign trail. On January 7, 2009, the CBO issued its deficit forecast for fiscal year 2009—a year which had now been under way for three months.
Obama was still two weeks from taking office. But on the front page of the Washington Post, Lori Montgomery explained where the projected deficit stood:
MONTGOMERY (1/8/09): The nation's budget deficit will soar to an unprecedented $1.2 trillion this year, congressional budget analysts said yesterday, a startling tide of red ink that could dampen enthusiasm on Capitol Hill for some of President-elect Barack Obama’s most ambitious priorities."
The deficit was projected to be $1.2 trillion BEFORE Obama took office and BEFORE the stimulus was passed.
So the deficit, like the recession, came from Bush.