The opening paragraphs caught my attention: "The nation’s unnerving descent into debt began a decade ago with a choice, not a crisis."
"In January 2001, with the budget balanced and clear sailing ahead, the Congressional Budget Office forecast ever-larger annual surpluses indefinitely. The outlook was so rosy, the CBO said, that Washington would have enough money by the end of the decade to pay off everything it owed."
"Voices of caution were swept aside in the rush to take advantage of the apparent bounty. Political leaders chose to cut taxes...."
Out of curiosity, I clicked on the "voices of caution" link and found myself reading a January 20, 1999 article covering Bill Clinton's next-to-last State of the Union address. I had long ago forgotten what he said. Here is some of the article:
"President Clinton appeared before a joint session of Congress last night to present an ebullient vision of a nation enjoying vast prosperity after six years under his leadership, a newfound abundance that he said should be used to prepare for the burden of a rapidly aging population in the next century."
"....announcing a policy barrage that includes one of the more ambitious initiatives of his presidency: a plan to devote some $2.7 trillion in projected budget surpluses over the next 15 years to Social Security"
"Clinton also proposed directing billions of the surplus to the Medicare health insurance program for seniors. Cumulatively, the president anticipates spending nearly 90 percent of the surplus on programs for the aged."
Clinton's ideas struck me as "prudent." a term which used to be closely associated with the Republicans. Many of you will remember Dana Carvey's imitation of George H.W. Bush on Saturday Night Live. "Wouldn't be prudent" was the big laugh-getter.
Thomas Friedman's new book "That used to be us: How America Fell behind in the world it invented and how we can come back" contains a wonderful description of how our parties have traded costumes:
"Neither of America's two major parties seems to be able to address in serious fashion the challenges the country confronts. Their political philosophies are worlds apart, and neither outlook is suitable for the present moment. The Democrats act as if government is the solution to all of America's difficulties; the Republicans act as if government is the cause of all of them. The Democrats behave as if virtually every program the government created in the twentieth century is perfect and cannot be changed in any way; the Republicans seek to send the country back to the nineteenth century, before any of those programs existed. Neither approach will give the country the policies it needs to succeed in the decades to come."
"In fact, the parties have reversed their historical positions. A generation ago Democrats stood for progressive change. Now they defend every federal program as if each were sacred. They have become the most conservative force in American politics. The term "reactionary liberalism" is not a contradiction in terms; it is an accurate description of the Democrats' approach to governance."
"The Republicans used to be the conservatives in the original, genuine, European sense, opposed to sudden, rapid shifts in public policy and prudent [NOTE: there's that word!] when it came to public finances. Now they are the party of fiscal radicalism and recklessness, cutting taxes without reducing spending and thereby pushing the United States ever deeper into debt."
"The two parties are, however, united on two things--unfortunately. Neither has the courage to take the necessary steps to address the dangerously high budget deficits: reduce spending on the main entitlement programs (Social Security and Medicare), raise taxes, and invest in the programs on which economic success depends. And neither has the courage to reduce America's, and therefore the world's, ruinous dependence on oil by raising the price of gasoline."
Trick or treat!
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