There's a message making its way through the various conservative hashtag groups on Twitter:
Retweet if you agree: it's time Washington got its fiscal house in order. #tcot #tlot #teaparty #ocra #p2 #retweetthisif
It's from the Twitter account of Rep. Eric Cantor, the GOP Whip.
There are two problems with that message. First, it's always time for sound fiscal policy in Washington. It doesn't matter who's in Congress or the Oval Office. Budget priorities will differ, but the fundamental principles should always apply. Second, the GOP whip's call is a few years too late. Three reasons why:
First, the national debt:
| Year | National Debt (as of 12/31) |
|---|---|
| 2008 | $10,699,804,864,612.13 |
| 2001 | $5,943,438,563,436.13 |
| difference | $4,756,366,301,176.00 |
That's over $4.7 trillion dollars. How did we get there? By doing the exact opposite of what people do when they want to balance their own budgets. The Bush Administration reduced income and raised expenses.
Second, Medicare Part D: In 2007, the Office of Management and Budget listed the cost of Medicare Part D's unfunded obligations: $8.4 trillion. For all the complaints about "unfunded mandates," the Bush Administration created a doozy of their own.
Third: the Bush tax cuts. Did they pay for themselves in increased revenue? No. From Time Magazine, 2007:
Virtually every economics Ph.D. who has worked in a prominent role in the Bush Administration acknowledges that the tax cuts enacted during the past six years have not paid for themselves--and were never intended to.
How much will they cost us? When Politifact fact-checked a Paul Krugman column, they were satisfied with his estimate of $1.8 trillion. Other groups have put the price tag higher.
Lower income. Higher spending. Is that still the Republican prescription for getting Washington's fiscal house in order?





