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It is certainly discouraging that the fiscal conservatives in the Bush administration seem to be missing. Not only has Bush pushed the deficit up because of tax cuts but he's accelerated spending much more so than under Slick Willie!

But Bush inherited a recession of which he, in no way, was responsible. Running a deficit is the textbook vanilla response to a recession. Keynes would be proud! However, what Bush has not done is get the deficit under control in an expansion. Taxes should be rising and spending should be cut, but that's not happening. Bush is being fiscally irresponsible and putting tax hikes on future generations. In this sense, Bush is not acting like a conservative but rather as a liberal! Oddly enough, it appears that the Democrats have become the party of fiscal responsibility and the GOP the party of fiscal recklessness.

Now, this is a problem. It worries me. However, what I am cautioning people against is being hysterical about it. The end of the world is not coming.

   

we shouldn't be hysterical about it ?

   

No. Why would you be?

   

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