April 24, 2011

NOTE THAT LIBERALISM COMES OFF ESPECIALLY BADLY IN COMPARISON TO CLINTONISM...:

After So Many Policy Failures, Are Liberals Now Irrelevant? (J.T. YOUNG, 04/18/2011, IBD)

Liberals upset with Obama's Wednesday deficit speech don't realize what's at stake ... for them. Yes, in part it was about getting the nation's fiscal house in order. And yes, it was about the president's re-election.

But it was wholly about an even bigger question for the left: Can liberals govern America?

To say Washington's fiscal house is overspent is to understate. The federal government spent more in 2010 than the amount of 2001's entire national debt (debt held by the public).

It took in enough tax revenues last year to have balanced the 2003 budget. Yet Washington overspent by more in 2010 than it spent in total in 1991 — or the entire national debt of 1984. The previous two years, federal spending consumed on average one quarter of all America produced. Its overspending has equaled one 10th of all America produced. The nation's debt as a percentage of its economy is almost double (from 32.5% to 62.1%) what it was in 2001.


...although, in fairness, that's entirely a function of the Peace Dividend, which the next president will likewise reap. If Mr. Obama were an executive and understood economics he'd be demanding that dividend right now.

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Posted by at April 24, 2011 8:42 AM
  

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