Can we survive living on ‘borrowed money’?
In the eight Bush years where were the Tea Party crowd and media folks now fulminating over the rising debt in the Obama Administration?
For refreshers, here’s how George W. Bush presided over a budgetary disaster, then handed it off to Barack Obama to worry about:
• Bush blew a $245 billion budget surplus left by Bill Clinton and then more than doubled the national debt, launching two wars on borrowed money while at the same time cutting income taxes, favoring the wealthiest 3 percent of taxpayers. The theory that cutting rich peoples’ taxes would trickle down and create jobs never happened.
• Bush launched the $450 billion Medicare prescription drug program, the largest entitlement created since 1965, again on borrowed money.
Bill Minor
10/6/10
Magnolia Tribune
