Now can you imagine if a conservative had made that remark? The liberal press would have destroyed him and his mother and his dog!
Economics 101 states unequivocally that when you're in huge debt, you need to limit spending. Every American householder knows that.
So, I don't understand why something like this is largely unnoticed. But let's see how past presidents dealt with a failing economy.
Ronald Reagan, 40th President (1981-1989), reared up in the Christian faith by his bible-believing mother, faced similar problems in the 80's as we're facing today. When he came into office, he inherited a slew of social horrors: high oil prices, recession, high unemployment, global terrorism.
Same as Barack Obama.
On the economy, the Obama administration believes that to get out of economic problems, you need to throw more money at it -- thus, creating a national debt of trillions of dollars to be shouldered by generations yet to be born.
The "don't-read-this-just-pass-this" Stimulus Bill signed by the President earlier this year has done little to solve unemployment and our economic problems. (The bill was later analyzed to disproportionately favor Obama-supporting areas and concerns in the United States. Imagine that! See here.)
But what did Reagan do when faced with economic woes? He cut taxes across the board, which literally brought about the longest-sustained, post-war economic boom -- which lasted until the end of the Bush II Administration. Even democratic administrations benefited from the upturn.
Tax cuts stimulated the economy. Today, our mindset is to tax more. There's even more rhetoric coming out of the White House that suggests another "stimulus" bill must be passed (to do what the first couldn't do, perhaps?).
I only hope we can learn from our history. Thankfully many Americans are waking up and resisting Congress' blinding speed to throw more money into the projected health care bill.
Make no mistake. What was initially derided by the press as "Reaganomics" -- really worked! For this and many other reasons, Reagan was my favorite president. And don't forget his affable rapport and humor? I always have a smile on my face when I recall this famous line from his debate with democrat Walter Mondale.
