Here’s a graph from an article in the New York Times regarding the tremendous deficits we and our children face. I think the highlight of the article was the following:
Alan Auerbach, an economist at the University of California, Berkeley, and an author of a widely cited study on the dangers of the current deficits, describes the situation like so: Bush behaved incredibly irresponsibly for eight years. On the one hand, it might seem unfair for people to blame Obama for not fixing it. On the other hand, hes not fixing it.
The article does point out that much of the Obama contribution to the deficit is his support for certain Bush programs that otherwise could have been reversed. Also, Obama’s so called “socialist” agenda on health care, education and the environment only accounts for about 3% of the budget deficit.