January 18, 2009
-- by Dave Johnson
Summary: Bush's inauguration cost $42 million. Obama's will cost $45 million. Everything else you are hearing is just more of the same old right-wing propaganda.
Posted by Dave Johnson at January 18, 2009 8:31 AM
I think the right/left digs may need a face lift. What is really going to be interesting is the actually play between supply-side and Keynesian solutions.
I'd submit that the last 25 years of success (taking national wealth from $25T to $56 trillion) rested on the tax cuts of Reagan BushII, supported by the spending restraint of Clinton. Both traists of supply-side theory.
You've been pretty clear that high taxes (90% marginal rate) and lots of govt spending on health, greens, infrastructure are the path.
Much of Bush overspending was on health (Medicare part D) and Defense - an absolute engine of high tech and recycled spending in CA. And YET with all that spending, with AUSRA solar and Solar microchip spending taking off, CA is in the dumps. This story does not add up.
The Grand Bargain will soon be the Grand Experiment and I think by Sep we will know if it is beginning to work. By Nov will see a scramble to double down the bet and do more. Employment will be down to 90% which means more like 87% in CA and NY...13% on the rolls.
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