I have heard the comment that Democrats complained about Bush’s deficits, but they are not complaining about the deficits that Obama is incurring.
Perhaps I can put this in other words that make sense of what the Democrats say and nonsense of what the Republicans say.
Democrats complained that Bush was spending the economy’s rainy-day funds while the sun was shining. Republicans are now complaining that Obama is spending what little rainy day fund that George Bush didn’t give away while the rain is pouring down around us.
To me the seeming Democratic inconsistency makes complete sense when you use the right words to explain their policy. It is the Republican inconsistency that is absurd when viewed in the right framework.
If you don’t like the analogy above, you might ask when would be a good time to sock money away if you are worried about losing your job? Would it make sense to spend every nickel while you have a job and then be left to starve when you lose your job? Or would it make more sense to save money when the income is rolling in and then tap your reserves when the income stops flowing for a while?
Spending all you have and saving nothing is not always the right policy, but sometimes you have no other choice. So reserve that policy for the times when you have no other choice.
Is it really that hard to understand? I suppose it is hard to understand it when the money is rolling in and you can’t imagine it ever stopping. When the money stops rolling in, then it is easy to see what you should have done, but by then it is too late.
Is it asking too much for the American people to have a teensy-weensy amount of foresight?