February 17th, 2010
The Big Picture accurately describes what is going on:
While a few honest deficit hawks are out there… the vast majority of born again fiscal hawks are political hypocrites. They voted for all manner of budget busting programs — unfunded tax cuts, new entitlement programs (i.e., prescription drugs), an expensive war of choice (Iraq).
How is it that they only learned of the evils of deficits after they lose power? How very convenient.
The current group of anti-deficit spenders are pro-cyclical, rather than counter-cyclical. This means that during an expansion, they have no problem with expanding deficits, running big spending programs, giving generous tax cuts. During a recession is where they suddenly rediscover fiscal prudence.
This is ass backwards. During an economic expansion, with employment gaining and GDP growing is when you should be thinking about saving for the next rainy day. Counter-cyclical spending means that governments should watch the budget carefully during the good times, but spend spend more freely during the downturns. What we are hearing from this crowd is the exact opposite of what should be.
I can’t tell what motivates these new deficit hawks — are they merely ignorant, unaware of the historical analogs? Or are they hoping for another recession as part of a debased power grab?
Pardon the long quote. Do click over and read the Barry Ritholtz’s entire post.
That’s what irritates me most about the teabagger movement and its manipulated channeling into the Republican party. It couldn’t be worse-timed. After ignoring the GOP binge spending throughout the decade, these conservatives were all over talk radio in 2008 saying the Democratic Presidential candidates were “talking the country into a recession”. They’d ask, how can we be in a recession if the local Mal-Wart is out of Wii game systems? All this, while the country was ALREADY IN A GREAT RECESSION SINCE THE END OF 2007. Things got bad, and they blamed stock market declines on Obama before he even entered in office— then they waited a few weeks after Obama’s inauguration to organize their boiling rage against counter-cyclical spending by Obama and the Democrats.
Here’s what I’d say to them:
YOUR “PARTY” IS LATE.
YOUR AFTER-THE-FACT OUTRAGE HAS BEEN CO-OPTED BY EXTREMISTS, OPPORTUNISTS AND PARTY APPARATCHIKS.
YOUR FISCAL INSTINCTS BEFORE, DURING AND AFTER A HIDEOUSLY DEEP RECESSION WERE PERFECTLY WRONG.
YOU CAN’T EVEN HANDLE THE CAPITALISM YOU CLAIM TO SUPPORT.
IF YOU LIKE RON PAULISM SO MUCH, WHY DIDN’T YOU VOTE FOR HIM?
Where were you “true conservatives” (as the teabaggers like to think of themselves) when we needed you? Where were you with your prudence and parsimony when the bubbles were inflating? Oh yeah, you were making fun of Gore’s lockbox in ’99 and saying there was no recession in 2008. Thanks a trillion. And after the damage is done, then you get on your soapbox and rail against stimulus spending and national healthcare, like it’s Red Dawn. Are you people good for anything?
ARE YOU EVER RIGHT WHEN IT COUNTS?
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