Saturday, July 16, 2011

All this spending is Obama's fault, HARDLY


Barry Ritholtz has an excellent article coming up in Sunday's Washington Post.  It's available on-line today, Saturday.   Read this article.   Then explain to me again how all this spending is President Obama's fault.

The seeds for what's happening now were sown while Republicans controlled Washington DC.  And two very smart economists made deadly accurate predictions way back in 2007 as to how today's mess would unfold.   We experienced a giant credit bubble.  When it popped,  the economy tanked,  unemployment spiked,  tax revenues plunged.  Our government did what all governments do when trying to control the fallout from the popping of a credit bubble.   Our government spent way more than it collected in order to make up for lost income tax revenues,  offset the plunge in consumer spending,  and pull out the stops to cushion unemployment.   And this is President Obama's fault? PLEASE.

Don't be so ignorant as to boldly lie about the mess we are now facing.  This mess is not President Obama's fault.  All this spending and all of this mess today is the fault of the people who were in power while that giant credit bubble was allowed to inflate.  This is the fault of the free spending,  free wheeling,  idiot Republican politicians who now run around like chicken little crying about the sky falling.

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