Posted by: Rick | Monday, May 9, 2011

Weak Tea

C-Span is covering a Tea Party press conference.  There’s a clean-cut teabagger guy, a Wall Street guy, a Cato Institute guy, a black guy, and two guys dressed up like Continental soldiers.  They all seem astounded that the federal budget is measured in trillions of dollars.  When did this happen? 

These people are very worried about our fiscal future.  I, however, remain calm, because I recall that these same people had no worries, and did not play dress-up, between 2001 and 2008:

The way I see it, as long as we can keep Republicans out of power, we should be fine.

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Responses

  1. 1st: Clinton did not have a surplus: http://www.craigsteiner.us/articles/16 & http://www.craigsteiner.us/articles/30

    2nd: Has it ever occurred to you that conservatives where not happy with the spending of the progressive Republicans under Bush, but no one would listen to us then? It was only after Obama has nearly doubled the national debt that people are finally listening to conservatives.

    Here is a link to a Peter Shiff article from 2005: http://www.safehaven.com/article/3832/hurricane-george-is-heading-straight-for-your-portfolio

    “The way I see it, as long as we can keep Republicans out of power, we should be fine.” And that is what is wrong with progressives, all you care about is who is in “power”. You no longer care for solutions, you only care that your “team” is in “power”.

    • The accounting issues noted in your first link are above my pay grade. I do, however, remember when Alan Greenspan said this in March 2001:

      “The most recent projections from OMB and CBO indicate that, if current policies remain in place, the total unified surplus will reach about $800 billion in fiscal year 2010, including an on-budget surplus of almost $500 billion. Moreover, the admittedly quite uncertain long-term budget exercises released by the CBO last October maintain an implicit on-budget surplus under baseline assumptions well past 2030 despite the budgetary pressures from the aging of the baby-boom generation, especially on the major health programs.”

      http://www.federalreserve.gov/boarddocs/testimony/2001/20010302/default.htm

      Greenspan and George W. Bush were afraid that Bill Clinton had us paying down the debt too fast. Well, they certainly alleviated that problem!

      And I’m not ahamed of wanting to keep Republicans out of office. Their track record sucks, and the current crop makes Bush look like FDR.

  2. Two other points:

    1) The vast majority of Republicans worshiped Bush until the bitter end. Most of them still do.

    2) Expensive wars, irresponsible tax cuts, cratering tax receipts, and increased spending on safety net programs in response to the Bush Recession, are what’s primarily responsible for larger deficits. See chart.


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