The true cost of George W. Bush's magical thinking

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See, that's the real cost of George W. Bush's magical thinking. By any rational accounting, Bush and the GOP Congress that gave him everything he wanted from 2001 to 2007 should be held responsible for the entire $10.6 trillion national debt -- along with the $1.3 trillion yearly deficit they handed to Obama, as well as the Wall Street crisis and bank bailouts.

It's that simple: With no Bush income tax cuts, no unfunded Medicare drug benefit, and no off-budget Iraq and Afghanistan wars, the U.S. balance sheet would have been in fine shape for his successor. Then government investment needed to rescue the economy from the doldrums wouldn't have seemed so alarming.

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