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200 Billion Dollar deficits as far as the eye can see... (R. Limbaugh, 1993)
The Large Surplus will harm the economy... (G. W. Bush, 2001)
Deficits Don't Matter...(D. Cheney, 2003)
The Deficit is unconscionable... (J. Gregg, 2009)
From these and other similar quotes, of which we certainly have No Shortfall we can derive certain basic Rules of Economics
A. Deficits Don't Matter (if the President is a Republican) -
B. Deficits Do Matter (if the President is a Democrat) -
C. A Budget Surplus is bad (if the President is a Democrat) -
D. A Budget Surplus is out of the question (if the President is a Republican) -
Remember those polls from last January that said "People are willing to give the new President a long time to fix the economy."
Long Time appears to be just slightly less than two months.
This might be a Burning Question to some: A Truth Commission for the Bush Era? (NY Times, 2 March). My personal opinion? A "Truth Commission" investigating the Bush Administration will find... nothing.
Still, it's worth a try. Sift out the chaff from the dross, so to speak. And a chronicle of What Went Wrong will be valuable fodder for historians. The lesson, of course, will not be remembered: Axiomatically (Frank Maunder's Corollary, remember?) "Those who do remember the past are likewise condemned to repeat it."
