- Yes, the Cold War was very expensive (but the victory was worth it, wasn't it?)
- Yes, the Oil Shock in 1973 was nasty indeed.
- No, Reagan's tax cuts didn't do any observable harm to the public finance; it was the 1982 recession, which was harmful to the budget...
- ... but the same recession brought about the end of the pesky double-digit inflation inherited from the Jimmy Carter era; therefore, it paid off handsomely.
- Yes, Bill Clinton ran budget surpluses (but there was a peace dividend, and the economy was started up by Ronald Reagan)
- Yes, Iraq was expensive, too.
- Yes, the 2007-2009 recession was terribly expensive, but neither G.W. Bush nor Obama may be held responsible; it was the Fed.
- Obama was inaugurated when the Great Recession was largely over. Could he have done better? Surely he could.
Now, who is right and who is wrong? Make your own opinion.
By the way, neither Dems nor GOP have been able to cut the bloated federal budget back to the pre-war level.