I have never been a deficit hawk, and I’m not about to change my religious affiliation now. But whatever we think of debt and deficits, there is one point that should be very clear: it has been run up almost entirely due to Republican tax cuts and their inept management of the economy.

Every Democratic president of the last half century has left with a deficit that was lower, measured as a share of GDP, than the one they came in with, except Obama, who left it unchanged. By contrast, every Republican president has left with a considerably higher deficit than what they inherited.

Starting with Carter, the deficit for fiscal year 1976 was 4.1% of GDP. When he left office in 1980, it was down to 2.5% of GDP, despite a recession that year. That was the starting point for Reagan. (These figures refer to fiscal years, which end on October 1 of the year.) Reagan’s tax cuts, along with a big military buildup, were most of the story of higher deficits. When his successor, George H.W. Bush, left the White House in 1992, the deficit was 4.5% of GDP.

For better or worse, Clinton took deficit reduction seriously. He was helped by an explosion of tax revenue associated with the tech bubble, but he both made budget cuts and increased taxes. When he left office in 2000, the government was running a surplus equal to 2.3% of GDP.

George W. Bush quickly reversed the picture. A big part of the story was the collapse of the tech bubble in 2001-2002, which both led to a recession and a plunge in tax revenue from capital gains. He also had big tax cuts and a military buildup associated with his invasions of Afghanistan and Iraq. When Bush left office after 2008, he handed Obama a deficit equal to 3.1% of GDP, as well as a financial crisis and severe recession, resulting from the collapse of the housing bubble.

The deficit initially exploded in 2009 under Obama, as the country faced the worst recession since the Great Depression. As the economy gradually recovered, the deficit came down, falling back to 3.1% of GDP........

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