Conservatives have been circulating this graph recently in order to allege that President Obama is singularly responsible for racking up huge deficits, larger even than the record-breaking deficits America incurred under George W. Bush:
Of course, there’s one sentence on that graph conservatives like to either ignore or cover up, and that’s the “Note: Fiscal year ends Sept. 30.”
See, debts aren’t measured by calendar years (which goes from January 1 to December 31); they’re measured by fiscal years, which go from October 1 to September 30. So the 2009 fiscal year started on October 1, 2008–just two weeks after the economic collapse and long before the Bush-sponsored TARP program made it through Congress.
George W. Bush was in office for only 20 days of calendar year 2009, but he was in office for four months of fiscal year 2009; he bears a larger responsibility for that huge debt up there than most conservatives would have you believe.
And, of course, it’s ridiculous for conservatives to complain about deficits at all considering that George Bush spent years setting record-breaking deficits–after inheriting a rec0rd-breaking surplus–and managed to double the national debt during his 8 years in office.
But you know what they say, it’s okay if you’re a Republican.