What a wondrous & magical free, unregulated market the GOP has brought us. This week we followed that conservative incarnation of the miraculous free market to its logical end: utter collapse.
I note the above from a posting of earlier today and have some observations.
A narrative, or "frame", if you will, seems to be developing around here which could be quite dangerous. Let me see if I can summarize it.
- Under Clinton, enlightened bureaucrats were in control. Spending and regulation were at high levels. As a result, the economy boomed.
- Then, disaster. The hapless Bush and the hopeless and Eeeevil Cheney came in. Spending and regulation were cut. As a result, the economy tanked.
- Our only salvation, therefore, is more enlightened bureaucrats, regulation, and government spending.
But a couple -- oh, what shall I call them? -- perhaps "Inconvenient Truths" suggest a different interpretation.
- Federal spending as a percent of GDP increased under Bush, from 18.5% of GDP in 2001 to 20% in 2007.
- Annual Federal register pages during Bush's first term were 1% higher than in Clinton's second term, and 10% higher than in Clinton's first term!
Hmmm.
In my opinion, this is not a time for ideology. It is a time for Reality. Hopefully I'll start seeing some around here soon.