Sunday, April 5, 2009
Jacob Levy is willing to bet that Obama will raise spending less than Bush did. I would take that bet, in a second. While Bush was bad on spending -- very bad -- I think Obama will be worse, much worse. And that doesn't count the regulations, like cap and trade and labor union privileges.
I suppose it is possible that Obama will spend less than Bush. But I would guess the main way that could happen is that the Republicans make dramatic gains in 2010 and then close the spending down, the way they did during the Clinton presidency from 1994 to 1996. The credit wouldn't go to Obama, just as it shouldn't t go to Clinton (even though many give him credit).