December 18, 2010

WE ARE ALL SUPPLY SIDERS NOW:

Obama’s Economic Ideology Is Cast Aside in a Fell Swoop (LAWRENCE KUDLOW, 12/17/10, NY Sun)

In a fell swoop, Obamanomics is out the window. Reaganomics 2.0 is now in the driver’s seat.

Perhaps the most amazing part of the story was the work of Mitch McConnell and John McCain (among others) to kill the 2,000-page, $1.2 trillion omnibus spending bill in the Senate, along with its 6,600 earmarks totaling $8 billion. This budget monster dripped with contempt for voters and taxpayers. But business as usual was overturned.

I had an inkling of this when Sen. McCain told me in a CNBC interview earlier that night that, if need be, he would favor a government shutdown over passage of the spending bill. And now, under a short-term continuing resolution, the whole current-services budget baseline can be lowered by anchoring it to 2008 spending.

Hundreds of billions of dollars can be saved, producing a smaller government that will be, in effect, a tax cut for the private economy. The symbolism of overturning massive spending only two years after Obama’s debt-laden stimulus package is enormously important.


Just tell the UR what to do and he'll do it.

Posted by Orrin Judd at December 18, 2010 6:41 AM
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