This should be the central argument and theme for this fall’s elections.
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Spending also began to race out of control during those Bush years. Finally, when the crisis hit, instead of resorting to the supply-side tool of reducing tax rates to promote growth, the Bush Administration peculiarly reached back to the 1970s with a Keynesian government spending, tax rebate package in February 2008. Every one of the planks of Reaganomics had been abandoned at that point.
Barack Obama had personally supported every one of these steps leading to the financial crisis, going back to the Clinton era. Once elected President, he simply reupped every one of these disastrous policies multiple times. He led enactment in February 2009 of basically the same Bush/Keynesian stimulus of a year prior, only 6 times as large. He exploded government spending and deficits to record shattering levels. He embraced re-regulation with a vengeance. And starting next year he has scheduled sharp increases in every significant federal tax rate.
Following with such devotion the opposite of every plank of Reaganomics, we can only expect exactly the opposite results, as Art Laffer has so rightly predicted. The economic history of the 20th century as recounted above backs him up quite thoroughly.
Next week we will discuss in full detail how to avert this disaster, and restore for all traditional American prosperity and the American Dream that has drawn hundreds of millions to these shores over the last 400 years.
A man of faith in a godless age is hitting Americans where it hurts.
Mr. and Mrs. American Spectator Reader, let P.J. O’Rourke talk sense to your kids.
In Britain, defending your property can get you life.
The debacle of this president’s administration is both a cause and a symptom of the decline of American values. Unless Congress impeaches him, that decline will go on unchecked. An eminent jurist surveys the damage and assesses the chances for the recovery of our culture.
It won’t take long for conservatives to scratch this presidential wannabe off their 2008 scorecard.
The American Christmas, like the songs that celebrate it, makes room for everybody under the rainbow. Is that why so many people seem to be hostile to it?
Was the President done in by the economy, or by the politics of the economy?
H/T to National Review Online