Fiscal responsibility

It always fascinates me to see “Borrow and spend” Republicans try to say this is the Democrats’ fault.  That big dip in the middle there?  It’s the effect of Bill Clinton’s 63 spending vetoes and his advocacy for “PayGo”.  Anyone remember “PayGo” and which administration allowed it to lapse?

The worst part of this is that paying for a war with borrowed money makes it seem unreal.  If we had to pay for wars as we go, it would have a much more immediate effect than a draft.  Or maybe the worst part isn’t the war.  Maybe it’s that massive debt creates the illusion of prosperity along with the certainty of recession.  I dunno, there’s lots of downsides to national debt - which is the biggest?

(Hat tip to Ed at Dispatches From The Culture Wars)

Posted by George on 07/06/08 at 06:48 AM
Politics • Economics • (1) Comments • Link
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