June 7, 2012

A Balanced Approach: Tax like Bush, Spend like Clinton

By Randall Hoven
OK, Democrats, you've convinced me.  The last 8, 10, or 12 years (or whatever amount of time it takes to cover Bush's two terms and their aftermath) were just terrible, and we mustn't repeat or imitate such folly.  Perhaps the example to follow would be that of another Democrat.  Say, a Democrat president who followed a President Bush.  A Democrat who entered office shortly after a financial crisis and a recession. Bill Clinton succeeded George H.W. Bush.  He was elected in 1992, or just after the 1990-91 recession ended and while the Savings & Loan bailout (Little TARP) was still in progress. So what did President Clinton do?  He cut spending (as a fraction of GDP).  Yes, he did that even before Republicans took over Congress.  And he took it below its 40-year average by his fourth year in office.  Source: OMB. But look what Obama did.  He did not "waste" a crisis like Clinton did.  He took every ounce of George W. Bush's...(Read Full Article)