Whence comes the federal deficit?

Here's a link to a terrific summary by the NY Times economics writer, David Leonhardt, of the makeup of the federal deficit. Your neo-con friends will be impressed as you rattle off the facts that the giant and continuing federal deficit breaks down as follows:

1. 37 percent is due to the business cycle, so we can look forward to some of that going away when the economy finally turns up again.
2. 33 percent is largely a creation of George W. Bush (who also can be blamed for the depth of the business cycle) in such legislation as tax cuts.
3. 20 percent comes from President Obama's continuation of some Bush policies such as the Iraq war and some tax cuts.
4. 10 percent from new Obama policies, which break down as 7 percent for the stimulus plan and only 3 percent for such proposals as health care, education, energy. etc.

Footnote: The NY Times style is to use two words for health care, unlike quite a few media outlets. I enthusiastically agree.

On second thought, your neo-con pals may not be pleased to see this breakdown.