While Obama and Co continue to lay blame for all ills on President Bush, the fact of the matter is that whatever Bush might have done, Obama and the Democrats have done enough at this point to own the results:
Bad as the deficit was under Mr Bush, it will quadruple this year, from $459 billion in 2008 to $1.845 trillion (from 3.2% of GDP to 13.1%), according to the non-partisan Congressional Budget Office (CBO). Mr Obama vows to slash it in half within four years, but that will still leave it bigger than the deficits for which he once lashed Mr Bush. His aides hint that he will get tough when the time is right, but he is reluctant to break campaign promises of tax cuts for all but the rich just yet. The CBO reckons the deficit will still be running at more than $1 trillion a year in 2019.
For a couple more months you liberals out there will be able to hit back at us with the “where were you when Bush was spending?” meme…but very shortly now, it will become clear that your side is spending like a pack of drunken sailors on a three day pass to a booze factory. Your side promises us this will do the trick – that we’ll become richer after we spend all this money. Fine and dandy. If it works, you’ll clobber us in 2010 and 2012…but if it doesn’t, then its all yours.
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