Chart of the year

It’s possible I’ve even posted this one before as a chart of the day (I’m too lazy to search through the archives at the moment), but even if I have, it’s worth showing again.  Given all the grief Obama and Democrats are taking over the current budgetary situation, it’s important to remember how it is we got here.  Short answer: Bush tax cuts and Bush wars.  The numbers don’t lie.  Here it is via Jonathan Chait (who fills it out with appropriately thorough commentary):

Notice that the Obama-added expenses are a major factor only in the very short-term and that the Bush tax cuts only grow as an explanatory factor.

Quote of the day

From Mark Kleiman, in a short, but spot-on dig at libertarianism (thanks to Rand Paul, we’re getting a lot of this now):

Once you understand that private as well as public power can threaten freedom, you’re ready to graduate from libertarianism and join one of the adult groups.

Big Steve had his own take on this on facebook.  Not as pithy, but an accurate and concise crtique:

Markets sometimes fail. The assumptions will not always apply. So, governments have a role in making markets work and ameliorating some of the nastier consequences (externalities, severe inequality, etc).