Let's all pretend... Obama didn't inherit a "over-mortgaged" economy, because otherwise, the wing nutters have some culpability....
Off budget/multiple wars
tax cuts for the rich
Katrina mess ups
Agricultural subsidies were doubled between 2002 and 2005.
Tax expenditures—the vast system of subsidies and preferences hidden in the tax code—increased more than a quarter.
Tax breaks for the president’s friends in the oil-and-gas industry increased by billions and billions of dollars.
Some portion of the damage done by the Bush administration could be rectified quickly. A large portion will take decades to fix—and that’s assuming the political will to do so exists both in the White House and in Congress. Think of the interest we are paying, year after year, on the almost $4 trillion of increased debt burden—even at 5 percent, that’s an annual payment of $200 billion, two Iraq wars a year forever. Think of the taxes that future governments will have to levy to repay even a fraction of the debt we have accumulated. And think of the widening divide between rich and poor in America, a phenomenon that goes beyond economics and speaks to the very future of the American Dream.
In short, there’s a momentum here that will require a generation to reverse. Decades hence we should take stock, and revisit the conventional wisdom.
I’m guessing that George W. Bush will have earned one more grim superlative.