James K. Glassman, Forbes During the George W. Bush years (2001-08), federal outlays averaged 19.6% of GDP, a little less than during the Clinton...
James K. Glassman, Forbes During the George W. Bush years (2001-08), federal outlays averaged 19.6% of GDP, a little less than during the Clinton years (1993-2000), at 19.8%, and far below Reagan. Please forgive me. Over and over, I hear misinformation about deficits in prior administrations, and I can’t keep quiet any longer. I have to correct the record. The latest was on “Squawk Box” on Monday morning. Joe Kernan, the host, is interviewing former Vermont Gov. Howard Dean, ex-candidate for president and chairman of the Democratic National Committee. Kernen cites campaign comments about “bad policies” going back “decades” affecting the high rate of unemployment today. He asks, “What specific policies in the Bush Administration do you think are still being used to explain 8 percent unemployment?” Dean responds, “The biggest ones are the deficits that were run up…. The deficits were enormous." Let’s shed some factual light on the situation by turning to table B-79 of the current Economic Report of the President. Read More
