Friday, August 14, 2009

Again With the $1.3 Trillion Inherited Deficit?

This time from Bruce Bartlett, a conservative economist who should probably know better than to make a statement like this:
In January, the Congressional Budget Office projected a deficit this year of $1.2 trillion before Obama took office, with no estimate for actions he might take. To a large extent, the CBO’s estimate simply represented the $482 billion deficit projected by the Bush administration in last summer’s budget review, plus the $700 billion Troubled Asset Relief Program, which George W. Bush rammed through Congress in September over strenuous conservative objections.

Ahemmm, which branch of government votes on the federal budget? Why Mr. Bartlett would that be the Legislative branch, meaning the House of Representatives and the Sentate? Next question, which party has had control of the House and Senate since 2006? Why that would be the Democratic party, wouldn't it? Now, trick question, what man who happens to reside at 1600 Pennsylvania Ave., was a member of The US Senate last year? If you guessed Barack Obama, you would be correct. How did he vote on that TARP legislation:

Of course, this is not Mr. Bartlett's sole argument in this piece. He argues that had McCain won the election the economy would be as bad as it is right now and that our anger should be targeted on George W. Bush. Bush is not President and has no control over where this country goes in the future, what's the point? Whether the economy would be the same under a McCain presidency is not certain. I am pretty sure we wouldn't have had the $800 billion porkulus bill rammed down our throats leaving the bill for our children to pay. I am sure we wouldn't have the extra $400 billion Omnibus spending bill. I am pretty sure we would not be talking about "single payer" health care or a "strong public option," whatever that means. Whether or not the economy improved under McCain or was at least equally bad, we wouldn't have added to the deficit in such a massive way and irresponsible way.

We most likely wouldn't have pent up demand for deals and mergers in the health care industry as well as in other facets of the economy. It's hard to imagine a President McCain would have nationalized the automobile industry and in so doing sent the precarious message to all, contracts don't mean what you think they mean. It seems to me with McCain we would have at least had rules, and with rules you have certainty. Markets love certainty, they like to know the rules. With a President Obama, the only thing certain is the uncertainty.

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