Michael Barone mostly blames the Obama Democrats for the current economic problems, but both parties are to blame. During the Bush-era the Sarbanes/Oxley (aka SOx) law was enacted, spending skyrocketed, regulations piled up, and resources were diverted to war. Yes, you read that right, regulations increased under Bush. Cutting taxes is not a complete economic agenda, as many pundits assume when they point to Bush tax cuts or Clinton tax increases.
I am not exonerating Obama. Both parties are to blame. That is why I think the frustration and anger that animates Tea Partiers began during the Bush-era. It just took a while for people with these sentiments to discover each other, and it finally did but during the Obama administration.