Saturday, July 24, 2010

The Bush-Obama National Bankruptcy Plan

Thanks to the Washington Post, we now can visually dramatize the deficit disaster that Bush and Obama have created for our nation. They put this out last year but it still stands as the best summation of the disaster we face.

Bush cut tax rates, which for a time drove a financial recovery after 9/11 that kept tax receipts high. Bush unfortunately colluded with Dennis Hastert to spend money, much of it pork, as if there was no tomorrow. In 7 years he never vetoed a single spending bill. This is neither Republican nor based on conservative principles. It is insanity.

It is contemptible that Obama, who rightly decried the spendthrift ways of Bush during the campaign, turned out to be a worse liar than Bush. He claimed he would adopt fiscal sanity and control spending. Instead, he has quadrupled the spending that Bush failed to control. Quadrupled. Most of this spending is stupid pork riddled payoffs to Democrat insiders. The most obvious condemnation of Obama is that the LOWEST deficit projected for Obama will exceed the HIGHEST deficit Bush actually caused. Conservatives and libertarians who condemned Bush are having a field day with the hypocrisy of Democrats who criticized Bush and promptly ignored their promises as soon as they were in power.

That is the reason our nation stands on the precipice of fiscal disaster. Two Presidents who were ignorant of how our national wealth is created and retained. Obama is worse than Bush but the problem is something both caused. Where do we turn to find someone who will defend our nation from the looming bankruptcy?


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