This accusation from an engaged reader of this blog, and certainly merits a response.
It is easy to point the finger at the current administration but let's try to remember who got us into this mess to begin with. A quick glance at the National Debt graph, easily shows deficit spending in the 10 years prior to the Clinton White house and the 10 years after. So, the Republicans broke the economy in 1980, the Democrats fixed it under Clinton, and the Republicans broke it again under George W even worse than George Sr.
How did they break it? Rampant deficit spending like there was no tomorrow and gross deregulation and non-regulation of our financial systems.
How did that happen?
The Financial Services Modernization Act of 1999. Admittedly signed by Bill Clinton, but crafted entirely by a republican Congress, which effectively repealed the Glass-Steagle Act of 1933 which regulated banks and financial Institutions which served the public. Banks could now operate across state lines, merge willy nilly, and deal in securities such as insurance, and other financial instruments which ultimately undermined the entire world's financial system.
Don't forget, it was the Bush administration that crafted the first installment of the bailout package with no regulation of how the banks and financial institutions were to spend the money. Only now under Obama, is some accountability built into the bailout.
Curiously, some banks are now refusing bailout money rather than be accountable to the taxpayer.
So to say that The current administration is spending America into bankruptcy, I 'd say, that George W Bush already took care of that. Once again, I encourage discussion. I know many people are upset, about the trillion dollar bailouts of banks and insurance companies that are "too big to fail". I just want to remind everyone to put these events into perspective. There is no single person responsible for the mess we are in today. Rather, the groundwork for our current crisis was laid many years ago.
