FY Reagan Bush I Bush 2 Combined Deficits
Billions
1982 -120
1983 -208
1984 -185
1985 -221
1986 -237
1987 -169
1988 -194
1989 -205
1990 -277
1991 -321
1992 -340
1993 -300
2002 -317
2003 -535
2004 -600
-1,539 -1,238 -1,452 -4,229
cbo.gov
Here is a simple way to look at the deficit legacy of Mr.
Reagan, Mr. Bush 1, and Mr. Bush 2. The source is the CBO.
To calculate the deficits, I eliminated the fiscal year
that each individual inherited. These would be 1981
and 2001. Additionally, I only used on-budget numbers.
This eliminates the use of any fund surpluses such as
social security. Why get credit for it if you are robbing
it? For Mr. Bush 2, I used the CBO estimate for FY 2004
and lopped off about $40 billion of the projected deficit.
(CBO's projection for FY 2003 was about $27 billion higher
than the actual deficit.) These are annual deficits and
not public debt figures. Mr. Reagan, Mr. Bush 1, and Mr.
Bush 2 are responsible for about $4 trillion in accumulated
deficits. Remember, I did not use social security to
offset any deficits. So, Mr. Bush 2's deficits may be
quite striking. |
