Herman Cain may be gone from the presidential race, but he’s not willing to be forgotten. In a week where the usual campaign craziness is at new heights, the slow death of a goldfish in a seemingly pointless promotional video is, well, not that weird. Comparatively, that is….
The Center on Budget and Policy Priorities has updated and refined a widely cited chart, laying out the origins of the country’s current fiscal trajectory. And as before, the lion’s share of the problem comes from ongoing George W. Bush-era policies — particularly deficit-financed tax cuts, which eliminated Clinton-era surpluses and left the Treasury poised for a huge hit when the financial crisis and economic downturn further eroded federal revenues.
By the end of the decade, CBPP projects that, on the current trajectory, the Bush tax cuts, exacerbated by the economic downturn, combined with the wars in Iraq and Afghanistan will account for the significant majority of public debt as a share of GDP.
Without those factors, and without the need for stimulus measures under President Obama, CBPP projects that the debt-to-GDP ratio would have dropped under both Presidents Bush and Obama.