This is turning out to be the mantra of the Obama campaign. And by the way I agree completely. Except I don’t think we ever left them. So how much have things changed from the failed policies of the past?
1. Many if not most economists argue that it was Ben Bernanke’ Fed policies of credit expansion and extrememly low interest rates that fueled the bad investment during the Bush years.
Barack Obama reappointed Bernanke who has continued the exact same policies.
2. In 2007 George Bush put through a stimulus package to help rescue a sinking economy.
In 2009 Barack Obama put forth a much bigger stimulus package to rescue an economy in recession.
3. In 2008 George Bush supported a federal bailout of banks.
In 2009 Barack Obama supported a bailout of the auto industry.
4. In 2003 George Bush put through a massive new entitlement program as part of the Medicare prescription drug program which has led to an increase in the deficit.
In 2009 Barack Obama put through a massive entitlement program in the form of his health care legislation which will balloon the deficit.
Let’s just say, I hope that things will change.
