Noted economist Nouriel Roubini says in this televised interview that it was former President George W. Bush, and not current President Barack Obama, who bears the blame for the large federal government budget deficits and, by extension, the exploding national debt.
Remember the budget surpluses of the Clinton years? (Again, to correct the record, the influence of both the Republicans who won in 1994 as adherents of the Contract with America, and the deficit pie chart warnings of 1992's 19%-of-the-popular-vote presidential candidate H. Ross Perot must be noted.) Bush came into office with a budget surplus, and left with a 2009 fiscal year projected deficit of $1.23 trillion. All the bailouts and huge government giveaways -- being paid for directly by all of us and indirectly by our descendants -- began under Bush 43. The notorious Troubled Asset Relief Program (TARP) was conceived by Bush and enacted by a friendly Congress weeks before the 2008 presidential election.
When commentators -- and many Democrats -- try to tie in the Tea Party movement to the Republican Party deficit hawks, they ignore these facts. The Tea Party movement did not spontaneously arise in the first six weeks of the Obama Administration. The deficit hawks were there since Perot's 1992 run. This significant sector of the American population -- which is disproportionately fiscally conservative in personal affairs and entrepreneurial (owning or managing businesses) -- has been fearful of the fiscal day of reckoning when the bills for the accumulated debt come due.