Not Quite The Obama Budget Deficit Crisis

Nouriel Roubini weighs in on the causes of the giant budget deficits, via Ritholtz:

How did we get a $1.5 trillion change in our fiscal condition during Bush's time in office? Roubini lists five factors:

1. We cut taxes.

2. We spent $2 trillion on two unwinnable wars.

3. We doubled discretionary spending. Some conservatives originally aimed to "starve the beast" by cutting taxes in order to force future cuts in spending. But spending grew so out of control in Bush's term that no beast was starved, Roubini said. In fact, the beast was fed.

4. We added entitlement benefits like the Medicare drug benefit.

5. We entered the largest economic and financial crisis ever, which caused a huge increase in the deficit through the "recession deficit" and the cost of bailing out the banks and financial institutions.

No kidding.  If only tea partiers could read and understand this.  I won't be holding my breath.