This is an article in The American Spectator that is a nice bookend for yesterday’s post. The gist is simple: There really have been efforts to cut government spending, but Congress responded to falling tax revenue by deficit spending via “cheap credit.” The Obama administration has made matters horribly worse by turning to the very people who champion this spending – Bernanke, Geithner, Summers etc. So it is an evil partnership between whoever is in the White House and the bipartisan congress to cause ecomonic ruin by spending on “feel good” projects, things that enrich cronies, and things that bloat government. We are in a world of hurt.
Congress is drunk on “cheap” credit and is acting like the kid in the credit card commercial who racks up a ton of meaningless expenses on Daddy’s card, because Daddy can always be counted on to pay. When we get into trouble we have to tear up our credit cards…it is tine to make Congresss do the same.