Snopes.com did not debunk that chart-a right wing blogger did after throwing in a bunch of irrelevant numbers that he claims "prove" this chart is wrong. He is just muddying the facts to twist this around.
There are three kinds of lies: lies, damned lies, and statistics.
Bush was handed a budget when he came into office of low or little yearly deficits. I think when he came into office the national debt was less than 5 trillion and when he left in eight years, it was over 10 trillion dollars, and he had high yearly deficits. Bush had an ideology of economic growth by only tax cuts and he ignored the problems. His economy was based on borrowed money on tax cuts, the Iraq war was estimated to cost as low as 50 billion dollars, as the quagmire ensued, it went up to a trillion and the overall cost estimated by Joe Stiglitz will be around 4 trillion dollars.
It would be hard to add up all the pros and cons. All I can say is that we had the roaring 20's under Bush and that we face a depression today. Bush "stayed the course" with his tax cuts and laissez-faire. While the economy looked good, many problems were piling up (all not his fault, but ignored). A housing crisis, a banking crisis, an auto crisis, the infrastructure neglected and to this day needs 2 trillion dollars, over the past decade 57,000 factories closed and 6 million jobs lost due to free trade, deficits and debt, and others that I forget.
The use of an ideology, his tax cuts, trickle down, voodoo economics and ignoring the problems came to a head at the end of his term. Obama is a mediocre president, and maybe at times at a loss, but by far, the Bush "stay the course" and the Cheneys "deficits don't matter-definitely brought our economy and two wars into the ground. And with everyone ignoring the effects of globalization and 2 billion cheap laborers is also bringing our country down. The Tea party is not helping anything, it is more of the same and more ignorance of the world. If we have a depression and no help from the private economy, it will be the government with all its spending that will try to get us out of this mess. The Bush "guns and butter" economics (the last time was under LBJ and inflation ensued for over 15 years) will likely effect our economy for some 20 years. While we need to get the deficit spending down, we also have used tax cuts for all these years without fixing any problems and you also have only half the country paying taxes as the job outlook looks bleak. Our biggest problems today is the lack of demand, all the stimulus has been used, and there are no jobs to stimulate anyway.