Tuesday, November 04, 2008


This is the most topical speech I've listened to during this whole American Presidential election:

1 comment:

dearieme said...

There's a fascinating memoir by Stockman, who was Reagan's first director of the budget. He presents himself as arguing for a balanced budget and his opponents in the administration replying that they couldn't balance the budget; if they were to cut the things that Reagan Republicans wanted - spending to bring down the Soviet Union, for instance - the Democrats in Congress would just spend the money on what they wanted - paying off all their clients and interest groups; the budget still wouldn't balance. The budget, they argued, could only be "fixed" when a crisis arose - no plan to balance it would work in normal political times. I was very struck when I read this passage that I found the cynics' argument much more plausible than Stockman's. Anyway, he resigned and Federal debt rose merrily. And the crisis is upon us. And the buggers certainly won't balance the budget now.