“The Republican Party is the party of fiscal restraint. Democrats are the big spenders” Another neo-conservative lie told often is perceived as the truth.
The Reagan Republican administration in 1981, inherited a national debt of a little over $900 billion. At the end of eight years, the national debt had tripled. At the end of the one-term Republican administration of George H.W. Bush, the national debt increased $1.5 trillion to $4.2 trillion. Under the eight years of the George W. Bush Republican administration, the national debt doubled to $10.7 trillion.
When the Clinton Democratic administration ended, the Bush administration inherited a budget surplus. Where were the neo-conservative Republicans during the Bush administration as it squandered the surplus and doubled the debt?
The neo-conservative leaders were all present and accepting of immense deficits: Ryan, Boehner, Cantor, McConnell.
Why now the change since Barack Obama was elected president? Why the rigidity, unwillingness to compromise, the hostility?
McConnell said it best. Republican’s number one priority is to make Obama a one-term president — at any cost. The wants of the Republican Party first, the needs of the nation in the throes of another Great Depression is secondary … and they have the audacity to seek your vote.
Inheriting the worst economic meltdown since the Great Depression, the Obama administration has had to spend $4.9 trillion to stabilize the U.S. economy. Were mistakes made? Probably. When Obama took office, the U.S. economy was hemorrhaging badly and was on the verge of collapse. Immediate actions were required. As a result, the national debt increased to $15.6 trillion. But the threat of an economic collapse was avoided. Remember that.
Most, if not the entire $4.9 trillion deficit should be laid at the doorstep of the Bush administration.
Defying ordinary logic, the Bush administration lowered taxes on the wealthy and entered two wars (one entirely unwarranted and without the slightest merit), and both whose outcome would be very poor at best. The Bush administration allowed unregulated banking and Wall Street market activities. The neo-conservatives participated from 2000 through 2008, when all this was happening and the seeds of destruction were sown.
Were they asleep?
Now they are suddenly awake, ready to save the day by offering the same lies and failed policies that got us in this mess in the first place. Ah, but they have an underlying objective that I will reveal in my next letter.
And, what about the creation of corporations “too big to fail?” Where is this all leading? Read my next letter and the explosive conclusions.