President Bush came in and immediately began doubling the Department of Education budget and inaugurating the largest expansion of entitlements since Lyndon Johnson, in the form of the prescription drug benefit for seniors. In eight years he has doubled the national debt.
In the last month, both Bush and presidential candidate John McCain backed the most significant government intervention into the market in several decades, perhaps longer, when they signed and voted for the Emergency Economic Stabilization Act of 2008. This act gave the Treasury virtually dictatorial powers and nearly a trillion dollars to buy up practically any American financial instruments it deems desirable, making it the biggest player in the market and essentially nationalizing the entire financial sector.
McCain has gone on to propose an enormous plan for Washington to buy up troubled mortgages directly, at a price tag of hundreds of billions by conservative estimates. He copied the plan almost exactly from Hillary Clinton, called her to ask her advice on it, and has pitched it as resembling her proposal. Even Barack Obama thinks it is unwise and reckless.
"There are men, in all ages, who mean to exercise power usefully; but who mean to exercise it. They mean to govern well; but they mean to govern. They promise to be kind masters; but they mean to be masters." Daniel Webster
Monday, October 20, 2008
Republicans Don't Even Pretend Anymore
From the Independent Institute's blog The Beacon
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