Looks like Reagan is winning. Here are some of Mr. Mitchell’s thoughts:
But I want to make a different point. As I’ve written before, Obama is not responsible for the current downturn. Yes, he was a Senator and he was part of the bipartisan consensus for easy money, Fannie/Freddie subsidies, bailout-fueled moral hazard, and a playing field tilted in favor of debt, but his share of the blame wouldn’t even merit an asterisk.
My problem with Obama is that he hasn’t fixed any of the problems. Instead, he has kept in place all of the bad policies – and in some cases made them worse. Indeed, I challenge anyone to identify a meaningful difference between the economic policy of Obama and the economic policy of Bush.
Bush increased government spending. Obama has been increasing government spending.
Bush adopted Keynesian “stimulus” policies. Obama adopted Keynesian “stimulus” policies.
Bush bailed out politically connected companies. Obama has been bailing out politically connected companies.
Bush supported the Fed’s easy-money policy. Obama has been supporting the Fed’s easy-money policy.
Bush created a new health care entitlement. Obama created a new health care entitlement.
Bush imposed costly new regulations on the financial sector. Obama imposed costly new regulations on the financial sector.
I could continue, but you probably get the point. On economic issues, the only real difference is that Bush cut taxes and Obama is in favor of higher taxes. Though even that difference is somewhat overblown since Obama’s tax policies – up to this point – haven’t had a big impact on the overall tax burden (though that could change if his plans for higher tax rates ever go into effect).
This is why I always tell people not to pay attention to party labels. Bigger government doesn’t work, regardless of whether a politician is a Republican or Democrat. The problem isn’t Obamanomics, it’s Bushobamanomics. But since that’s a bit awkward, let’s just call it statism.