It’s worrisome that the United States has such a large deficit. President Obama has pledged to start a debt reduction plan as soon as the economy recovers, and conservative Democrats will hold him to that pledge. Regardless, it’s scary.

But it bears noting that:

  • This is Bush’s last budget. Obama’s doesn’t take effect until October.
  • The $1 trillion could be attributed almost entirely to Bush’s $700 billion bailout. Or to Obama’s $770 trillion stimulus. Whoever you choose to blame tells us a lot about where you stand politically.
  • This doesn’t count the numbers for the Iraq & Afghanistan wars, which Bush kept off-the-books. Obama’s upcoming budget is higher in large part due to his desire to put these costs in the normal budget process.

Hey, it’s scary to have our future leveraged to this degree, and it needs to be corrected. But in a massive economic downturn during two wars, it’s hard to correct quickly- and it’s especially difficult when we’re operating under a budget that Obama had nothing to do with.