Saturday, January 18, 2014

Democrats and Republicans fail the fiscal test

Major parties are failing the fiscal test – The Post and Courier - Thomas Ravenel:

December 30, 2013 - "In March of 2006, then-U.S. Sen. Barack Obama offered an impassioned rebuke of runaway Republican deficit spending during a debate over the nation's debt ceiling.

"'The fact we are here today to debate raising America's debt limit is a sign of leadership failure,' Obama said at the time. 'It is a sign that the U.S. government can't pay its own bills. It is a sign that we now depend on ongoing financial assistance from foreign countries to finance our government's reckless fiscal policies.

"'Increasing America's debt weakens us domestically and internationally,' Obama continued. 'Leadership means that "the buck stops here." Instead, Washington is shifting the burden of bad choices today onto the backs of our children and grandchildren'....

"Of course, Obama changed his tune upon being elected - dramatically accelerating the very fiscal policies he previously chastised as 'reckless.' Now the 'reckless' ones - according to both Obama and GOP strategist Karl Rove - are the pro-free market, pro-liberty fiscal conservatives advocating the spending restraint Obama once claimed to stand for (and which the Republican Party still claims to stand for)....

"Prior to the most recent stopgap debt deal, Democrats and Republicans in Washington had approved $11.2 trillion in new deficit spending dating back to 2002.... $3.4 trillion was approved by George W. Bush and 'Republican' Congresses, $2.4 trillion was approved by Bush and Democratic Congresses, $3 trillion was approved by Obama and Democratic Congresses and $2.4 trillion was approved by Obama and a divided Congress..... In other words neither party has protected America’s current and future generations of taxpayers."

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