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As the furor around the President’s nigh-on $4 trillion FY 2011 federal budget with its $1.5+ trillion deficit continues, it is important to keep in mind what is Mr. Obama’s fault and what is not. It is not Mr. Obama’s fault that the country is in a recession. Nor is it Mr. Obama’s fault that unemployment has gone up, or even that it has reached 10%, according to one measure (17%, according to another), different numbers according to yet others. Nor is it Mr. Obama’s fault that there is a broad asset devaluation that is eliminating froth, a devaluation that has both a short-term and a long-term component. Nor is this year’s (FY 2010) or next year’s (FY 2011) deficit entirely, or even mainly, the fault of Mr. Obama. Nor was last year’s (FY 2009).
With the disclaimers in favor of the President out of the way, let me be clear (to borrow a phrase from the press-anointed great orator) that I am not joining him in saying that those conditions therefore are the fault of his predecessor. Indeed, one aspect of Mr. Obama’s responsibility for the degree of current economic problems is his habit of blaming his predecessor rather than getting on with it. More about that later.
Still, Mr. Bush is to blame for some of the current misery. The increased federal funding for education and the drug prescription programs, along with other non-defense and non-national security items, enlarged the size of the federal budget significantly during his tenure. The tax cuts were not the problem, as they, predictably, increased federal revenue. Federal revenue, adjusted for inflation, did not go down; federal expenditures went up. Even the wars were essentially funded, with the FY 2007 deficit (pre-recession) dropping to around $160 billion. Many of us on the Right opposed Bush’s spending programs (even though the prescription plan ended up costing less than we had feared). As an aside, it is entirely unconvincing for Mr. Obama to rail about the fiscal irresponsibility of Bush’s prescription drug benefit when his own proposal is to expand it and to pay for that expansion in some undisclosed fashion. Adding to the budgetary strain of Bush’s compassionate conservatism was Congress’s profligate spending, including during 6 years of Republican hands on the spigot. Bush’s unwillingness, as a bargain for Congress’s support of his foreign and national security policies, to exercise his veto until the Democrats took over Congress in 2006 exacerbated the fiscal irresponsibility.
With the recession swinging into full force in 2008, deficits went up towards the end of FY 2008. Revenues dropped due to the slow down in economic activity and the financial panic, while federal spending increased, including the first portion of TARP loans to the banks. Still, the deficit at the end of FY 2008 was under $500 billion. With the economic inertia moving in the direction of recession, those deficits clearly would have increased, no matter whether Bush or McCain had been President in 2009, rather than Obama.
Looking at the recession itself, rather than the deficit, to the extent we are seeing the result of an unsustainable asset bubble, Bush is also partly to blame. So are Greenspan, Clinton, both Congressional delegations, and various bureaucracies, such as the SEC. On the deficit front once more, Bush, to his credit, tried to reform Social Security to bring its future costs under control, only to be demagogued by the Democrats and the media to the point where these people plus enough politically spineless Republicans (who typically lost their seats in 2006 and 2008 anyway—Chris Shays, are you listening?) derailed his proposals.
On the asset front, Bush and members of his administration many times warned about the problem of sub-prime loans, especially those under laws to pressure banks into lending to increase home ownership among poor and certain racial minority home buyers to purchase houses. His administration also warned about murky derivatives and the banks’ purchases of such investments. His proposal to curb these practices did not make it out of committee in the Senate due to loud wailing by Congressman Barney Frank (who, contrary to more recent posturing, was oblivious at the time to the dangers of over-leveraging) and officers of Fannie Mae and Freddie Mac (including well-paid Democrats). Then there was the filibuster threat from the Democrats (who controlled well more than 40 votes) against legislation to curb these practices that Frank and others described as “not broken.” Perhaps Bush should have used more political capital to push this matter along, but his eyes were on national security and the obstructions and attacks from the Democrats and the media on that front. Still, he does bear some responsibility for the failure to address these excesses more resolutely and successfully.
Greenspan’s role in artificially keeping interest rates too low, opening the spigots, cheapening the dollar, and driving investors to more and more speculative risk-taking (fueled by government participation through programs that reduced the risk of failure) is well-known. Plentiful dollars were looking for safety in commodities, starting with real estate, including investments in riskier and riskier loans. The bundling and securitization of these loans, together with the opacity of these bundles that might contain mixes of solid and risky loans in unknown ratios, contributed to the uncertainty about bank holdings that helped trigger and sustain the panic of 2007-2009. Eventually the limits of plausible real estate investments were passed and capital looked for other commodity havens, from gold to oil to rice. Commodity prices soared, with speculation in oil contracts fueling a huge spike in energy costs. That asset bubble, too, contributed both to the dollar inflation and the self-reinforcing cycle of commodity fever, and eventually helped cause the economic bust as many of those speculative positions had to be liquidated and the froth wrung out.
These economic trends are well beyond the power of any President to control and direct. To blame Bush or Obama is ridiculous. If any single institution were blameworthy, it would be the Congress, which, after all, is constitutionally and politically responsible for taxing and spending decisions. But even Congress by itself did not cause these conditions. Nor can Congress control them.
However, the President and the Congress can mitigate or exacerbate these conditions. For that, Mr. Obama and the current Congress bear much blame. Although I was inclined against the TARP law, I could see the argument for it. Obama likes to portray the cost of TARP as a Bush-caused deficit issue. But, first, the TARP was a loan program, much of which has been repaid during Obama’s administration. So, this should help his current deficit numbers. The problem is that Obama wants to spend these funds on other programs, so they contribute to the deficit once more. Second, Bush only signed off on the first half of the authorized TARP funds; Obama signed off on the second half. He did not have to do this. That decision is his responsibility and, to the extent that he argues the entire FY 2009 deficit should be assigned to Bush, this is deceptive.
Moreover, the “stimulus” that supposedly has saved and created so many jobs (but in fact has done so mainly for government jobs) was an Obama decision. As were the 2009 bail-outs of automakers. These aspects of the deficit clearly belong to Obama. Since the government no longer tries to figure out the impossible task of computing the number of jobs saved/created by the stimulus, but says that any jobs for which such money went automatically were saved/created, it is difficult to say what real impact the stimulus had on joblessness. The broader consensus outside the White House is that it has had little or no impact. As well, there is a negative effect of the stimulus on jobs. The need to borrow the funds for the stimulus crowds out private access to credit that might have saved those jobs. If the government is simply monetizing these costs, the bill will come due through inflation or taxes, the latter of which especially are job killers.
That brings me to the crux of the blame Obama must take. His radical programs reduce incentive for private capital to come in and take risks for job-creating expansion rather than sit on the sideline and invest in safety (gold prices have shot up) or by bidding up stocks to dubious price-earnings levels. His class-warfare tax rhetoric, the massive and radical collection of entitlement spending proposals (health care, student loans), the looming cap-and-tax regulations, the radical bureaucrats he has appointed (such the head of the off-the-rails EPA), the take-over of—and meddling in—car companies, the faux-populist attacks on banks and Wall Street, all spook investors and discourage risk-taking.
If I am a truly wealthy person, and I am threatened with higher taxes, I park my wealth in low- or no-tax investments (e.g., municipal bonds) or figure out tax avoidance devices. If I have to work because I own a business, I will squeeze my employees for at least some of the additional cost, by lowering their compensation/benefits, by firing some and having the others work more, or by moving more of my business out of the U.S. If the workers don’t like it, they can quit, and I will replace them with unemployed workers at the lower price. None of these things will increase jobs or, in the aggregate, help the economy. People are not passive, and history shows this to be the expected reaction. It happened in the late-1930s in response to FDR’s class warfare rhetoric and his tax and regulatory policies. Unemployment actually increased and did not come down significantly until the labor shortages created by WW II took care of it.
With lower economic activity induced by Mr. Obama’s rhetoric and proposals, and with the cost of these programs, no wonder that the deficits stretch out as far as projections are made. His spending proposals, unlike the temporary expenditures on the wars in Afghanistan and Iraq that Mr. Obama likes to blame, create structural deficits. They impose continuing and increasing costs. Worse, those expenditures, and his regulatory proposals, suppress economic growth, the very thing that might allow him to finance at least some of the anticipated growth in the cost of existing programs, such as Medicare. They do that by requiring government either to raise taxes, thereby reducing investment, if taxes are targeted at the rich, or depressing consumption, if taxes are targeted at the middle class. Alternatively, the government can borrow, thereby raising the cost of credit for private institutions competing with the government for loans and again reducing investment. Finally, the government can print money and create inflation, thereby creating great uncertainty about the value and stability of investments made now and also raising the cost of credit.
So, while Mr. Obama cannot be blamed for the recession and for all of the deficit, he (and the equally radical leadership in Congress) can be held accountable for the lingering joblessness and for increasing proportions of the deficits. Those are, even now, exacerbated by the economic fear and uncertainty created by his own radical agenda and his destructive and partisan class warfare rhetoric and tax proposals. It is ridiculous to blame his predecessor when his own projected deficits, in its best years, exceed his predecessor’s deficits in his worst year. With each passing month, his excuses become more laughable. Voters are getting that message better than, apparently, he is. His whining and attempts to deflect from his responsibility arising from his own proposals are backfiring.
Mr. Obama did inherit a recession; he did inherit a deficit, just as Mr. Bush inherited the collapsing NASDAQ and, to a lesser extent, Dow Jones, with the economic slow-down of 2001. Obama’s advisers and supporters are right in saying that the deficits and the recession would have been here no matter who was President. But they are wrong in not accepting that it is Mr. Obama who is prolonging and exacerbating the condition.
From Investor’s Business Daily comes Michael Ramirez’s impression of Mr. Obama:
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