I think this kind of argument might work for a libertarian, but I am not sure it is a very strong argument for a liberal Democrat that wants to do more rather than less of what Congress and the GWB administration did over the last 8 years to worsen the recession.
Personally, though, I'd say Obama has been remarkably restrained about the whole thing, especially when it comes to our disastrous fiscal situation. In a mere eight years, George Bush and the Republican Party managed to take a thriving economy and a federal surplus and turn it into a hair's breadth escape from Great Depression II and an endless fiscal sinkhole. Rome may not have been built in a day, but it didn't take much longer than that for the modern Republican Party to bankrupt America.
Particularly hilarious is that Drum blames the cost of the useless but expensive stimulus bill on GWB. Huh? And blaming Republicans for Fannie and Freddie is a real joke.
As you might imagine, the deficit in his world is all from tax cuts and not above-inflation increases in spending. The basic picture he shows is absurd - money is fungible, so any trillion dollars of the government spending could be blamed for the deficit - it just depends on what spending you consider incremental. Stupid analysis. Though it is interesting that at least two of the major drivers even by their slanted analysis - Bush tax cuts and Afghanistan - are policy issues Obama was presented with opportunities to reverse and chose not to.