The deficit explosion under the Obama administration is a common complaint by fiscal conservatives, and is often represented with a graph such as this one, courtesy of the libertarian think-tank,

Deficits under obama

However, as Cato points out, the fiscal year starts in October of each year, and the budget for 2009 was signed into law by President Bush. So while I tire of the Obama administration lamenting that they inherited most of their problems, on the deficit front at least, they are right:

Obama deficits

Profligate spending by Republicans led to losing majorities in 2006, and the subsequent spending under President Bush and a Democratic Congress proved even worse. So while there’s plenty of blame to go around, the one actor currently on stage that can’t be blamed for the deficit is the Obama administration. Next year, maybe, but not this year.

Cross posted to

Politics Big Spenders, All