I'll Second That

Veronique de Rugy---of that wild-eyed bastion of radical moonbeam lefties known as AEI---is out with a good, short piece on the Bush administration's spending record. I agree with her observations, and I'll add a few conclusions. First, since Republicans control the government, all this is happening on their watch; not only will they be held to account in the midterms and the next presidential election, they've managed to redefine what it means to be a Republican fiscally--and unfortunately, in the minds of most voters, what it means to be conservative as well. Second, combined with the Federal Reserve's ongoing reckless monetary policy, the past several years of fiscal policy has essentially amounted to one huge concerted effort to keep the all-important consumer spending blissfully, and in the process keep the crucial corporate constituency happy. If there's any doubt about that, read this comment by Dallas Fed head Richard Fisher. And when consumer spending trumps all else, that shows up in other places---like not having enough troops or armor during wartime. That's probably resulted in a lot of deaths and permanent injuries that would not have happened otherwise. An essential part of a president's responsibility during wartime is setting an appropriately austere fiscal and moral tone, and train-wreck spending and consumer bliss don't cut it. It's an issue of leadership, and that's been one of my problems with this president.

Unless something changes unexpectedly during the next few years, what you see is what you'll get. This will be the legacy of Bush, this Congress, and this incarnation of the Republican party.