Tuesday, November 20, 2012
Where did the debt come from?
1. Assuming that McCain had been elected in 2008, the stimulus which accounts for 6% of the current deficit might have been lower than the $800B, but it still would have substantial given the Great Recession, so that amount would still be in the 4% range conservatively.
2. The needed increased spending on entitlements was completely foreseeable in 2001, and ignored. Reforming entitlements today is merely stealing defined benefits from future retirees because of poor fiscal management over the past decade. Paul Ryan is the worst in this regard, doing nothing for 10 years and then lopping off Medicare.
3. Bush was a Grade A moron, no question, and Dick Cheney's "deficits don't matter" mantra was criminal crony capitalism, taking our Treasury and transferring it to his buddies in the defense and oil industries. But the Democrats share most of my wrath because they are after all the authors and de facto guardians of our social safety nets. Most Democrats went along with war funding year after year as well as Medicare Part D and many signed onto the Bush tax cuts. The Democrats need to be more vigilant of the robber barons who inhabit the Republican party; they cannot enable the grifters and then cry foul when the system breaks down.