Dec 4, 2012

The economy was on its way to a budgetary balance five years ago, but leftists want us to remember otherwise:

The first two charts are from a Friday Investor’s Business Daily editorial. The third is from Reason (HT Instapundit).

You might think I will argue that if it weren’t for the Democratic Congress’s spend-happy cadre taking control of Congress in 2007 and beginning serious budgetary damage at the beginning of fiscal 2008, the nation might have seen a balanced budget within a year or two.

I’m not going to argue that. I will instead argue that it weren’t for the Democratic Congress’s spend-happy cadre taking control of Congress in 2007 and beginning serious budgetary damage at the beginning of fiscal 2008, the decades in the making blowup in housing and mortgage lending brought by Democratic Party legislation such as the Community Reinvestment Act and hundreds of billions of dollar of fraudulent misrepresentation of loan quality made to ratings agencies by Democratic Party crony-driven “government-sponsored enterprises,” the nation might have seen a balanced budget within a year or two.

hat tip: bizzyblog