The Meltdown’s True Villain

With a double-dip recession looming and attacks on Obama mounting, it’s amazing the GOP is still setting the U.S. agenda when its own George W. Bush ran up half the debt we’ve accumulated since Reagan.

Aug 5, 2011 8:52 PM EDT

As we thunder toward a double-dip recession on a possible worldwide scale, let’s step back and remember how all this happened. I’ve been pretty hard on Barack Obama lately (and will be again on Monday, as you’ll see). But Obama is not the villain in this story. Every time I step back and ponder this sordid history, I am amazed that the Republican Party has any credibility and even 100 members of Congress, let alone a sizable House majority and enough juice to be driving the nation’s agenda as it is.

The Boston Globe ran a chart last Sunday that I’d buy billboard space to reproduce in every decent-size city in America, if I were running the Democratic National Committee. The premise of it was very simple: It showed how many trillions each president since Ronald Reagan has added to the nation’s debt. The debt was about $1 trillion when Reagan took office, and then: Reagan, $1.9 trillion; George H.W. Bush, $1.5 trillion (in just four years); Bill Clinton, $1.4 trillion; Obama, $2.4 trillion.