Jay Cost – Barack Obama is stuck in the 1960s

Barack Obama is stuck in the 1960s. And it’s not just because his style of liberalism — spend, spend, spend! — is reminiscent of that era. Liberals since the New Deal have enjoyed spending. It’s because he likes to spend money as if we are in the middle of the greatest economic boom in the history of the nation, as if there’s plenty of cash to go around. The country could afford, in the 1960s, to send a man to the moon and to create brand new entitlement programs. Real GDP increased, on average, by 4.4 percent every year for the whole decade. But those days are long gone. As much as getting a great return on an “investment” in infrastructure improvement is appealing, it’s always a bad idea to invest one’s spare cash when the creditors are about to bust down the door. Ever dime should go to deficit reduction — not two for new spending, one for the deficit.

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