Quoting Paul Ryan On The Debt

Yesterday, after the Treasury Department announced that total public debt has surpassed $16 trillion, a number of media outlets quoted vice presidential nominee Paul Ryan attacking President Obama for not reducing said debt. “Of all the broken promises from President Obama, this is probably the worst one because this debt is threatening jobs today, it is threating prosperity today,” said Ryan in Iowa, stumping for Mitt Romney. That debt, however, didn't create itself. It's primarily the product of Bush-era policies that Paul Ryan voted to enact -- a fact that was lost in the coverage of Ryan attacking the debt he helped create.

Uncritical quotation of Ryan's debt attack abounds -- NBC, ABC, the Los Angeles Times, National Journal, and so on. But as Ezra Klein pointed out during last week's Republican National Convention, which featured a prominently displayed debt clock in the convention hall, the majority of current debt can be laid at the feet of George W. Bush and the Republican-controlled Congress of the early 2000s.

The specific Bush-era policies driving debt, according to the Center on Budget and Policy Priorities, are the tax cuts, the wars in Iraq and Afghanistan, and the bailouts of Wall Street and Fannie and Freddie. Economic recovery measures put in place under Obama, i.e. the stimulus, play a comparatively miniscule part in the total debt picture.

Paul Ryan voted for the tax cuts. He voted for the wars. He voted for TARP. Every Bush-era policy that ballooned the debt to its current level got the Paul Ryan stamp of approval. And if press outlets are going to quote him saying “this debt is threatening jobs today, it is threating prosperity today,” they should note that this “threat” is partially of his own creation.