EDITOR OF REDSTATE
Jed Babbin has the top story at Human Events today.
Yes, George W. Bush spent too much and proved redundantly that the term “big government conservative” is an oxymoron. And yes, when Bush left office our economy was in trouble. But how long will Obama claim that the only way for our economy to recover is to continue a spending spree that will leave us unable to recover from government debt?
Apparently, forever. In his State of the Union speech, Obama said, “One year ago, I took office amid two wars, an economy rocked by a severe recession, a financial system on the verge of collapse, and a government deeply in debt. Experts from across the political spectrum warned that if we did not act, we might face a second depression. So we acted — immediately and aggressively. And one year later, the worst of the storm has passed.”
But it hasn’t. Unemployment is still nearly 10% and — according to Reagan administration economist Arthur Laffer — the “recovery” we are in is a false one. With the Bush tax cuts about to expire, and both capital gains taxes and estate taxes to rise next year, we’re headed into a far worse economic crisis than we suffered last year. But that doesn’t deter the president one bit.