According To The Quill of The People

"Washington is shifting the burden of bad choices today onto the backs of our children and grandchildren," said during the 2006 debt-ceiling debate. America has a debt problem and a failure of leadership. Americans deserve better."

Senator Barack Obama in 2006

"...Democrats ridiculed Mr. Bush as "the most fiscally irresponsible President in history," but then they saw him and raised. They took an $800 billion deficit and made it $1.4 trillion in 2009 and perhaps that high again in 2010. In 10 months they have approved more than $1 trillion in spending that has saved union public jobs but has done little to assist private job creation. Still to come is the multi trillion-dollar health bill and another $100 billion to $200 billion "jobs" bill..."

"...There is surely bipartisan blame for this government debt boom. George W. Bush approved gigantic spending increases for Medicare and bailouts. He also sponsored the first ineffective "stimulus" in February 2008—consisting of $168 billion in tax rebates and spending that depleted federal revenues in return for no economic lift..."

...from the Audacity of Debt at the Wall Street Journal

An interesting point for politicians to remember is to be careful what you say. It will be used against you. In 2006, new housing starts were 1.9 million; in 2010 they will be approximately 0.5 million. In 2006, the unemployment rate was 4.6 percent; in 2010 it's over 10 percent.

The political choices seem to be to do something, e.g. stimulus packages, bank bailouts, tax credits, or do nothing...which is what the Republicans seem to be advocating. Actually, Republicans are afraid to say anything, because they know doing something will get them hauled up on the TEA Party gallows with a rope around the neck of their political future. Or the politicians can choose to do something and end up hanging themselves.

Of course, time will tell how the ropes twists. If the economy starts to turn around in mid-2010 and the numbers start going positive, the Republicans are going to find the do nothing approach didn't work.

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