My bias is that I don't give mulligans or asterisks to presidents[1]. Every administration faces a unique set of challenges, and some of those will be financial. Most of the others will involve large-scale finances. So I don't grant escapes to administrations that are hit by recession, war, or plague. That's literally part of the job.
How that relates to the (relevant!) factors you raise is that firstly, most of them were knowable at the time. Bush knew that tax revenue was falling when he proposed his tax cuts. He also planned two foreign wars without planning to pay for them. These were choices that were quite obviously, without the benefit of hindsight, going to lead to increased deficits.
Covid was unpredictable, but the administration had choices on how to handle the deficit spending. Notably, they did not choose to increase revenue in any meaningful way. And the administration was not blocked by Congress in this, raising revenue was simply not a concern mooted by the Executive. (They did not even add spring-loaded revenue increase that would trigger when the economy recovered.)
These choices to increase the deficit were made will roughly all the information we have now. Both choices were contemporaneously derided by deficit hawks; it is not a surprise that they raised the deficit.
But again, Dick Cheney was correct that deficits do not matter (to voters).
How that relates to the (relevant!) factors you raise is that firstly, most of them were knowable at the time. Bush knew that tax revenue was falling when he proposed his tax cuts. He also planned two foreign wars without planning to pay for them. These were choices that were quite obviously, without the benefit of hindsight, going to lead to increased deficits.
Covid was unpredictable, but the administration had choices on how to handle the deficit spending. Notably, they did not choose to increase revenue in any meaningful way. And the administration was not blocked by Congress in this, raising revenue was simply not a concern mooted by the Executive. (They did not even add spring-loaded revenue increase that would trigger when the economy recovered.)
These choices to increase the deficit were made will roughly all the information we have now. Both choices were contemporaneously derided by deficit hawks; it is not a surprise that they raised the deficit.
But again, Dick Cheney was correct that deficits do not matter (to voters).
1 - https://news.ycombinator.com/item?id=20300697