TW: Two curmudgeons in a row, a nice start to the day...Craig Crawford speaks the truth, however. Reagan started us down this path of ruin by throwing balanced budgetery out the window so that he could "slay" the evil Soviets, provide tax cuts to the wealthy and in the process put the Republicans in electoral control for the next 25 years.
Obama is now talking of preventing GD 2.0 whilst bringing fiscal discipline back. Obviously a big difference between the guy who would start such a fiasco versus end it but the problem remains. Most support fiscal discipline as a concept but few are willing to abide the discipline actually entailed (e.g. support a tax increase or spending decrease relative to your own interests). Are you?
From Crawford:
"Why are we so gullible? Ronald Reagan promised that he could vastly increase defense spending, preserve entitlement programs and balance the budget. Instead, we got the biggest increase in the national debt since our nation was founded.
Barack Obama says he can "jolt" the economy with a boost in federal spending the likes of which we've not seen since Franklin Roosevelt's time - and still manage to control spending.
On Tuesday the President-Elect called for spending restraint and a federal budget overhaul even as he called for a deficit-exploding economic recovery bill expected to be signed on the day he takes office in January.
"If we are going to make the investments we need, we also have to be willing to shed the spending we don't need," Obama said in Chicago.
What is the spending we don't need? Not much detail on that yet. Don't bet much on ever finding out."
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