A Little History of the Reagan Deficits

There is usually a lot of talk about the budget deficits of the Reagan and first Bush years that the presidents were not to blame, but were caused by out of control congressional spending.  Wrong.  Fully 80% of the deficits in the Reagan/Bush periods were programmed and asked for by the Presidents, and the balance, 20%, came from the Congress.

The overwhelming proportion of the deficits of the last decade [i.e., the 1980s] were already proposed in President Reagan’s and President Bush’s original budget submission. There was no explosion of federal spending over and above what the presidents had asked for. More than four-fifths of the 1980s deficits were “presidential.” Less than one-fifth were “congressional.”

via Origins of the Reagan Deficits: Hoisted from the Archives – Brad DeLong’s Grasping Reality with a Prehensile Tail.

About Stephen E. McGaughey
International consultant in economic development programs and projects

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s

%d bloggers like this: