Bursting Bubbles

It's always dangerous to wade into the PLP's Fox News like echo chamber, but their highly predictable Obama re-election bandwagon jumping is full of differences not similarities.

Firstly, unlike the PLP who inherited a thriving economy and budget surpluses, Obama inherited a massive financial crisis, huge budget deficits and two unfunded wars. How did he respond? Did he rack up huge increases in Government spending like the PLP did - in their case before an economic crisis?

Nope? Barack Obama has presided over the slowest increases in Government spending since Eisenhower:

obama_spending.jpg

Who were the big spenders? Well, like the PLP, Republican Presidents Reagan, Bush Senior and Bush Jr. outspent Democrats Clinton and Obama.

And let's remember that it was Cheney who said 'Reagan proved that deficits don't matter'.

Now, on to the PLP 'investing in our people and rejecting deep and radical austerity cuts'.

It is a documented fact that in March 2010 the PLP issued a memo announcing 'austere cost savings', not the OBA.

The only party in Bermuda who has actually put in place austerity measures is the PLP.

Of course, non of this will prevent them from continuing to claim that they are anti-austerity and that their overspending and borrowing pre-recession was recession driven investment.

Shameless can take you a long way.

| More

Archives