National Debt: How We Got Here

Everyone is suddenly a deficit hawk.  While it's predictable that politicians would point the blame somewhere other than their own feet, it seems to be a particularly popular sport these days.

My rule of thumb, the ones wailing the most are usually overcompensating for something (see Sen. Larry Craig.)

What's strange about it is that normally recessions are the last time to be concerned with deficits.  Keynesian economics, which is by far the dominant political economic theory no matter what a handful of conservatives like to pretend, basically states that the government replaces business and consumer spending in rough times, and pays down that debt during good times.

The latter part is what we seem to have trouble with.  Democrats and Republicans both have programs they like to lavish money on in good times, and Republicans also REALLY like tax cuts.  Tax cuts to stimulate the economy, and tax cuts when the economy is well. 

That's all well and good but it makes it hard to spend the surplus on debt reduction.... except when power is divided between the parties as it was in the late 90's with Congressional Republicans and President Clinton fighting so much they couldn't find the time to waste our surplus.

So... where do we point the blame for our current issues?  Hint, it's not Obama... yet.  NYT made a chart: