Mercury Rising 鳯女

Politics, life, and other things that matter

A few Republicans are not trying to blame Obama for what Bush did

Posted by Charles II on August 14, 2012

If all Republicans were like Bartlett and Stockman, I’d have to reconsider which party to vote for. While I disagree heartily with them on many things, they have been honorable in accepting blame for bad policies. Via Ritholtz,

David Stockman, Reagan Director of OMB, in the NYT:

PAUL D. RYAN is the most articulate and intellectually imposing Republican of the moment, but that doesn’t alter the fact that this earnest congressman from Wisconsin is preaching the same empty conservative sermon.

Thirty years of Republican apostasy — a once grand party’s embrace of the welfare state, the warfare state and the Wall Street-coddling bailout state — have crippled the engines of capitalism and buried us in debt. Mr. Ryan’s sonorous campaign rhetoric about shrinking Big Government and giving tax cuts to “job creators” (read: the top 2 percent) will do nothing to reverse the nation’s economic decline and arrest its fiscal collapse.

Bruce Bartlett, Reagan and GHWB adviser:

Although it was quickly overshadowed by his choice of Representative Paul D. Ryan of Wisconsin as his running mate, Mitt Romney released an important document last week by his principal economic adviser…economists Glenn Hubbard of Columbia, N. Gregory Mankiw of Harvard, John B. Taylor of Stanford and Kevin Hassett of the American Enterprise Institute….

Much of the Romney paper is taken up with reviewing the poor economic recovery, which is undeniable. Reading it, however, one is left with the impression that the recession occurred on President Obama’s watch because of policies he is responsible for.

Just to be clear, the National Bureau of Economic Research, the private research group that determines the starting and ending points of recessions, says the latest economic downturn began in December 2007 and ended in June 2009.

The opposition of every Republican to the 2009 stimulus was a major factor in its inadequate size.

… it was Republican policies during the Bush administration that brought on the sickness and Republicans in Congress who have denied the economy an adequate dosage of the cure [i.e., stimulus]. Now they want to implicitly blame President Obama for causing the recession and the failure of stimulus to fix the problem, asserting that fiscal stimulus is per se ineffective.

One only wishes that Democrats would speak this plainly. Instead, some are complicit in why the stimulus is too small–a few are even giving their support to the Republican lie–and not enough are speaking out clearly on what stimulus is and why–of course!–it works (and why taxes have to be raised eventually to pay for it). Stockman and Bartlett, right-wing cranks though they may be, deserve a lot of credit for showing integrity.

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