Sunday, September 26, 2010


In an article ostensibly about Connecticut politics and Linda McMahon, Matt Bai writes the following:

But as David Stockman, who was Reagan’s first budget director, argued in a Times Op-Ed essay in July, supply-siders during the Reagan and second Bush eras proved far more adept at cutting taxes than they did at scaling back federal spending, which is the main reason we have trillion-dollar budgets deficits.

First and trivially, the last clause of the sentence is from Matt and not Stockman, though it's written very unclearly.

Second and more importantly, Ronald Reagan caused the Obama Deficits?? WTF??

There are two main reasons we have trillion dollar budget deficits right now. First is the aftermath of the recession which has pushed down tax revenues. Second is the explosion of spending from the Pelosi-Reid-Obama government over the last two years.

You can argue that the Republicans had a lot to do with the overall size of the public debt (which was Stockman's point; I wonder if Matt bothered to actually read the essay he cites), but not the current, "trillion dollar deficits".

Look, we didn't have "trillion dollar deficits" or deficits of an equal size relative to GDP in those "supply side" eras. How exactly are they causing today's deficits?

I understand people don't like Bush. I understand that people like Obama. I understand that the NY Times is liberal. And now, I understand that Matt Bai is a hack.

People, I am not a Republican, nor do I believe that tax cuts "pay for themselves". Mrs. Angus and I actually subscribe to the NY Times.

But sometimes I get really tired of this crap.

*FMB = Fire Matt Bai

1 comment:

Chris said...

I'm starting to think that Matt Bai doesn't understand the difference between deficits and debt. But that's forgivable because it's not like it's his job to write public policy articles for a major newspaper. yikes :-/