Tuesday, October 07, 2008

Can a socialist fix an economy with more tax and spend?

The National Debt is today is $10,187,754,347,408.87. Yes, that's $10 trillion dollars.
On September 11, 2001 the National Debt was $5,773,172,068,291.89.

Reality Check: The US economy was in recession in 2000 after the Tech Bubble exploded on Wall Street. We were attacked on 9/11/2001 by terrorists that not only killed 3,000 Americans, but wreaked devastation on the US economic system. In 2002 we went to war in Afghanistan, and in 2003 we went to war in 2003. Military spending has nearly doubled since 9/11, and an American people adequately informed by the national media of this nation's many financial problems knows that the growth in Bush's Military spending is the cause of the huge increase in the debt, and that Bush's failed economic policies have resulted in the rich not paying enough. Right?

Consider this. To receive the necessary 60 votes in the US Senate to bring any spending bill to the floor for a vote (The Cloture Rule), even with Republicans in the majority, Bush had to buy liberal Democrats and Republicans to get his funding for the Military. That means the Bush was forced to sign onto tons and tons of earmarks, pork and other bribes to get the votes to even bring Defense spending bills to the floor of the Senate for a vote.

So I want to make the following charge. Bush did not fail the American people. He did not invite the 9/11 attack and he had no choice to respond in defense of the American people. But I'd like to drive a stake through the heart of the left's lie that Bush created the huge National Debt, just as they pinned the growth of the Debt under Reagan in the 1980's.

Below is a graph derived directly from US Government Historical Budget data. Here is the source:

This data is adjusted for inflation. It is dead-on accurate and the real story of federal spending going back 28 years, from Jimmy Carter's last 2 budgets in 1980 and 1981, through last year 2007.

I ask you to look at 2 things. First, spending on National Defense, even now fighting two wars, is barely more than we were spending near the end of the Cold War in the late 1980s. Second, look at Social Spending. After adjusting for inflation, Social Spending has more than doubled in the same period, and if you look at the slope of the curve, is no where near slowing down.

Conclusion. If you think the most liberal member of the United States Senate, along with a liberal majority of both the House and the Senate chomping at the bit to adopt his tax and spend policies is going to fix this economy, I've got some Default Credit Swaps to sell you at a bargain.

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