The Republican Party really has some nerve. They are constantly whining about having to sacrifice for the problems that they themselves created. They are a party of hypocrites suffering from mass selective amnesia. Their choice of a “responder” to President Obama’s State of the Union speech should tell America all they need to know about the sorry state of the modern Republican Party.
I mean really. Mitch Daniels?? How in the hell can this man ever lecture anyone on deficits, jobs, or fiscal responsibility?? He is one of the main drivers that took our economy into the ditch and turned huge surpluses into huge deficits and debt almost overnight. For what?? Simple, greed:
In issuing the Republican rebuttal to the State of the Union address, Indiana Gov. Mitch Daniels had the audacity to present himself as a fiscal conservative and lecture President Obama on economic policy. Daniels presenting himself as a fiscal conservative is farcical: The tax cuts he pushed through for President George W. Bush as director of the Office of Management and Budget (OMB) are responsible for roughly half of today’s structural budget deficit and half the public debt accumulated last decade. And as expensive as they were, those tax cuts failed to spur even mediocre job growth; Daniels and Bush presided over the weakest economic expansion since World War II, leaving Daniels with a dismal legacy as an economic policymaker.
Daniels ran OMB from Jan. 2001 to June 2003; during his tenure, he helped craft the 2001 and 2003 Bush tax cuts. (Later tax acts accelerated implementation of some of these tax cuts, but this is when the real fiscal malfeasance occurred.) When Daniels took charge of OMB, the Congressional Budget Office (CBO) was projecting a $5.0 trillion (4.0 percent of GDP) budget surplus over the next decade. When he left office, CBO was projecting a $1.4 trillion (-1.0 percent of GDP) budget deficit over the next decade. Roughly $4.8 trillion of the fiscal deterioration resulted from legislation enacted over 2001-2003; the tax cuts alone added $2.6 trillion to the public debt over 2001-2010. (The other major drivers of this fiscal deterioration were the wars in Afghanistan and Iraq, which Daniels didn’t bother to pay for or even put on budget.) The 2001 recession certainly contributed to the emerging deficits-just as half of this year’s deficit can be chalked up to economic weakness-but the Bush administration’s economic policies ensured a mediocre economic recovery.
Worse yet as much as Republicans whined about the Stimulus passed by President Obama which succeeded at least in stopping the bleeding, the Daniels stimulus was what opened the wounds wide to begin with:
Though this supply-side snake oil was peddled as economic stimulus, the Bush-era tax cuts failed every test of good stimulus: They were gradually phased-in, they were targeted to upper-income households likely to save rather than spend, and they were intended to be permanent. Better economic policy could have alleviated the ensuing ‘jobless recovery.’
Indeed, Mitch Daniels drove this country’s economy off onto a $12 trillion detour:
Plus, because of proposals developed on Daniels’s watch – such as tax cuts favoring the rich and unpaid-for projects, including the invasion of Iraq and a new prescription drug plan – the fiscal situation of the federal government continued to sink over the ensuing years, plunging to a trillion-dollar-plus annual deficit by the time Bush left office in 2009.
In the 10 years since Clinton left office, the projected $2 trillion surplus by 2011 gave way to today’s $10 trillion debt, what the Washington Post recently called “a $12 trillion detour.”
Which leads us to ask one thing. Why isn’t Mitch Daniels running for President?? He embodies all things Republican. He is selfish and seeks to horde all the money to the top. He will lie and do anything to pay his fair share. His greed caused a myriad of problems and instead of owning up to it he blames it on President Obama.
And like all other Republicans far from admitting their party cost our country dearly and paying the costs for the damages to all of us Mitch Daniels seeks to party even harder and destroy even more of what we hold dear. Aferwards we will get the bill for the costs he incurred robbing us blind.
Now I understand, Mitch Daniels.