“Woe unto them that decree unrighteous decrees, and that write grievousness which they have prescribed.” Isa 10:1
One of the great things about our democracy is that old friends can have fundamental differences about things like economic policy, and yet the country still moves forward. That’s because every four years we all get to vote.
The last eight years President Bush earned the opportunity to test trillion dollar tax-cuts, unrestrained capitalism, and cowboy foreign policy. The results of that experiment pretty much speak for themselves.
The American voters had a clear choice in November. Republicans didn’t offer many new ideas. Instead they chose to attack the guy I liked. They called him inexperienced, a socialist, a friend of terrorists, a baby killer, and a Muslim. A majority of voters saw through that. Now my guy has earned the opportunity to take us in a different direction.
Because of the problems President Obama inherited, that direction includes massive short-term government spending. In the near future it may also include taking over failing financial institutions (like the infamous socialist Reagan did during the S&L crisis) and restructuring mortgages.
I didn’t like much of what the Bush administration did the last eight years. I suspect those who supported McCain and Bush won’t find much they like in the Obama administration.
The facts, however, are hard to avoid. The Bush administration added $5T to the national debt, started two wars, and left the country in the worst financial condition since Herbert Hoover. But when Democrats propose $800B to accelerate the recovery, Republicans call it “generational theft” and followed that up with a proposal for a $2.5T tax cut.
Rather than ideas, Republicans only have tired rhetoric – “tax-cuts are good” and “liberal/socialist spending is bad”. Their only plan for success requires President Obama to fail. Given the serious challenges facing this country that is a sad commentary.