Truth in Spending 0
Republican Economic Theory got us here. It won’t get us anywhere else.
Scott Lehigh in the Boston Globe:
The longer-term deficits — the yearly imbalances after, say, 2015 — aren’t just the result of overspending. The tax cuts of 2001 and 2003 have also played a very significant role — at least half, by some credible estimates — in creating those problems. If he tries to provide the proper context for all this, Obama will no doubt run into the Republicans’ self-excusing attempt to pretend that fiscal history began in January of 2009. Indeed, one can almost hear that favorite GOP refrain: Quit blaming George Bush. You’re the president now.
But the idea that it’s somehow unpresidential for a chief executive to remind voters of the situation he inherited is silly.
Why, here’s Ronald Reagan, in June of 1982: “Some diehards are now declaring the present recession was caused by our program. May I just point out — we had the recession before we got the program.’’