President Barack Obama (D), addressing the need for members of Congress to compromise on raising the federal debt limit, says we need to “pull off the Band-Aid” and “eat our peas” . . . whatever that means. Tortured metaphors notwithstanding, what I’d really like from the president is some competent leadership on our economic policy. Even if we can’t have that, I’d at least like some consistency. Obama’s economic doctrine so far can be best-described as schizophrenic.
Let us review.
When campaigning for the Presidency in 2008, Obama continually painted President George W. Bush (R) and the Republicans as reckless deficit spenders . . . and that epitaph was well-deserved. There is no question that the Republican president and Republican Congress in the first decade of the 2000’s ran up record-breaking deficits and failed to control the growth of government. Fiscal conservatives like myself criticized them for this at the time, and only continued voting for them because we felt they were nominally better than the available alternatives. We were right on that, at least. Obama’s annual deficits—which make Bush’s astronomical deficits look positively tiny—prove that he is not the Clintonesque balanced-budget Democrat he made himself out to be. He campaigned on one thing, and we clearly got another.
In 2006, then Senator Barack Obama (D-IL) made a principled stand against raising the federal debt limit. Congress imposes a statutory debt limit on our government in an effort to keep our federal debt under control, a system that has been in-place since 1939. When Bush wanted the already-astronomical limit increased, Obama described the situation perfectly:
