2005/11/27

Tired Republican Revolution = Financial Disaster

George Bush talks like Newt Gingrich but spends like LBJ. The hard fiscal talk of the Republican Revolution, major initiative number 1 of the Contract with America, is lost on a Republican Party that wants to play at nation building while much of their own base labors close to the poverty line. (Not that Gingrich Republicans ever had to deal with the harsh realities of budget balancing. What with all of those Clinton-era surpluses.)

The national debt passed 8 trillion dollars last month, due mostly to Republicans raising the debt ceiling and continuing to spend money like they can print it. (In fact, rather than printing money, they simply borrow it from foreign financiers. Bu$hCo has borrowed more money from foreign interests than all presidents in history...combined!) But a time of very hard decisions is coming. A restless Republican right is starting to see how foolish they look passing budgets containing the largest deficits in US history. The problem is Republican centrists that are breaking the party's discipline. And why? Because the Republican right is maneuvering to pass budgetary cuts that will hit working-class families in Red States hard. Bush, for his part, blames congress, effectively saying, "...it's my own party's fault, but I don't control them."

The situation is untenable. Republican financial mismanagement is risking a disaster which may be unavoidable. Brian Riedl, the top Heritage Foundation economist, has projected US yearly US deficits that themselves reach almost $1 trillion by 2015. And let's be clear...the Heritage Foundation is not known for their hostility to Bu$hCo!

In the presence of a split Republican party, a president who wouldn't know fiscal responsibility if it bit him on the ass, and a budget situation that will cripple the US at a time of greatest strain (i.e., the retirement of the Baby Boomers), there is only one solution: Return Democrats to power in congress. Is this a perfect solution? Not by a long shot, but Democrats, with different budgetary priorities, will pursue homeland security...at home, avoiding the ruinous spending of overseas misadventures. They may reign in domestic spending by thinking outside of the box, and they sure-as-shit won't balk at rolling back tax cuts that provide virtually no stimulus to the economy.

2 Comments:

Couldn't agree with you more
And in twenty years, when the majority of Baby Boomers have retired, there will be no choice but to raise taxes through the roof just to service the debt and keep the Social Security system solvent.

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