I think the S&P estimate (24 billion) was the loss to the economy, more than actual federal expenditure (the way Bushs was). An irony (pointed out before), modern fiscal conservatives insisted on adequate revenues PRIOR to spending, thus the old Republicans voted for raising taxes, living within our means. But starting with Reagan, this new theory called monetarism infected the right wing. The first president Bush (41) called it voodoo economics. But then Cheney convinced GWB we can spend however much we want, it doesnt matter. Thus we got two exorbitantly expensive wars, unpaid for. Ive been delving into the falling out between Paul Krugman and Alan Greenspan. Krugman had openly reprimanded the eminent Greenspan for this very thing -- embracing tax cuts (huge tax cuts benefiting almost exclusively the very wealthy). Both these men -- formidable economists - had been friends. My own issue is particularly the rank hypocrisy or Republicans suddenly acting like the debt is Obama-caused, or Democrat-caused. It is Republican-caused. Two unfunded wars, fought with private armies with a huge price tag -- plus the military build-up under Reagan.) The word waste as far as military spending might be argued. But not as far as the Cruz shut-down, which was totally foolish, irrational, a futile exercise. Republicans at the beginning lacked the courage or integrity to tell Cruz to sit down and shut up.
Posted on: Sun, 20 Oct 2013 00:17:56 +0000
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