Tuesday, 22 June 2004

It's the Deficit, Stupid: The Washington Post's Sebastian Mallaby explains why a second term for Dubya would lead to an Argentina-style collapse of the U.S. economy.

This is not hyperbole. Bush's combination of tax-cutting and lavish spending is a fiscal timebomb: His tax cuts are not even defensible as a short-term stimulus (they allow the wealthy to accumulate more wealth with less effort, which if anything makes the economy worse), and his spending habits are, to paraphrase John McCain, an insult to drunken sailors.

There was a time when Republicans were the party of smaller government and of balanced-budget "contracts with America." Apparently that contract was only valid while the Democrats were in charge.

- Posted by Scott Forbes at 8:39 am. comments.