Editorial “Debt worsens with each passing day” states “In the year-plus that Barack Obama has been president, the national debt has increased at a rate of $4.8 billion a day. That’s nearly three times the daily average of the Bush administration. But it doesn’t mean the former president deserves a pass. The Bush administration spent too much money, too.”
WATCHDOG: The Bush administration didn’t just spend too much money. It spent much of it on a mindless war in Iraq, now repudiated by almost all …including many of its original supporters. Furthermore, it reduced taxes on the wealthy. The combined results were to turn the surpluses during the Clinton Administration into huge Bush Administration deficits.
Moreover, irresponsible adherence to the Chicago School of Economics thoery which allowed that financial institutions and corporations should be allowed to run wild resulted in the worst financial crisis since the 1930’s. World survival required both the Bush Administration in its last year to enact TARP and the Obama Administration in its first year to pass the Recovery Act , spending a couple of trillion extra dollars to prevent the nation from sinking into another Great Depression.
The New Era is correct that we must cut government expenditures. This should be done once recovery is well underway. Moreover, we also need to return past taxes on the rich and estates, cut back on domestic expenditures, and avoid foolish foreign wars. Our unlimited line of credit from China is about to be cancelled.
