At the risk of sounding like a heretic, I’ll say that we can’t lay all the blame for the current scene on either Bush or Obama. This crisis has been decades in the making. Government fiscal policy of cheap debt, a housing market driven by government intervention and wall street profiteering laid the foundation for a massive bubble and subsequent collapse. It’s like a massive financial sink hole dragging all around into it’s maw! (See the picture below, it’s really cool.)
Bush, like EVERY president since the beginning of the 20th century presided over AN EXPANDED federal government. He showed almost no fiscal restraint, conducting 2 “unfunded” wars and creating a prescription drug entitlement of which any honest liberal would be proud. He also created the largest federal bureaucracy in history. His tax cuts, which I SUPPORT, like all the spending was funded by borrowing money from the CHINESE because no administration or congress since forever will stop the crazy, out of control spending.
Obama, however, has taken spending to such dizzying heights that we may truly not recover.
In MANY ways I hold the Republicans as more responsible for this mess because WE WERE AND ARE supposed to KNOW BETTER.
We will see if this latest crop of legislators can make a difference and finally put the brakes on the FEDERAL JUGGERNAUT.
- The Fiscal Reality (andrewsullivan.theatlantic.com)
- Paul Krugman: Turning a Blind Eye to the Obvious (delong.typepad.com)
- Is a balanced budget possible? (politico.com)
- NYT: You know, a shutdown sounds good to us (hotair.com)
- Political Illusions (delong.typepad.com)