Morning Bell: The Bush-Obama Borrow-Bailout Parade Must End

Conn Carroll / February 09, 2009

Defending President Barack Obama’s economic stimulus plan on ABC’s This Week, National Economic Council Director Lawrence Summers told George Stephanopoulos: “We need an approach that’s very different than the approach that we had that brought us to this point.” Summers is right; we do need a drastically new approach to fix our ailing economy. Problem is, the only thing new about Obama’s Trillion Dollar Debt Plan is the size with which it attempts to repeat the last Administration’s policy mistakes. Later on the show, New Gingrich explained:

What you actually have is not change you can believe in. What you have is the fourth act of the Bush-Obama spend more plan. [Vice President Joe] Biden voted for all three of the first spending plans. The stimulus which failed in the spring. The housing bailout which failed in the summer. The Wall Street bailout which failed in the fall. Now we’re going to get bailout number four and then on Tuesday we’re going to be told that we’re on the hook for some $2 to 4 trillion dollars, cleverly done through the Fed, but $2 to 4 trillion additional dollars on top of everything else.

Newt is exactly right except for one thing: he left out bailout number six which the New York Times reports “is not expected to” be announced “for days” and “involves spending billions of dollars more to prevent home foreclosures.” And this is just what Bush-Obama will have done to us over the past twelve months. As Newsweek details this week, our country has been drifting towards socialism for some time: (more…)