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Deficits and Depression


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deficits-and-depression-victor-davis-hanson
National Review:

Deficits and Depression
Americans can tolerate belt-tightening, but not the national humiliation of the deficit.

We will learn in November just how angry the public is about a lot of things, from higher taxes to massive unemployment.

But the popular uproar over those issues pales in comparison with the sense of humiliation over the fact that we Americans are quite broke. In 2008, the public was furious at George W. Bush, not because he was too much of a right-wing tightwad, but because he ran up a series of what were then thought to be gargantuan deficits. The result was that under a supposedly conservative administration, and despite six years of an allegedly small-government Republican Congress, the national debt nearly doubled, from $3.3 trillion to $6.3 trillion, in just eight years.

Barack Obama apparently never figured out that he had been elected in part because massive Republican borrowing had sickened the American people. So in near-suicidal fashion, he took Bush’s last scheduled budget deficit of more than $500 billion — Bush’s Keynesian attempt to get the country out of the 2008 recession and financial panic — and nearly tripled it by 2010. Obama’s new red ink will add more than $2.5 trillion to the national debt — with near-trillion-dollar yearly deficits scheduled for the next decade. All of that will result in a U.S. debt of more than $20 trillion.
What exactly is it about big deficits and our accumulated debt that is starting to enrage voters?snip
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