FOOD FOR THOUGHT
Larry Kudlow, one of my favorite economists, had an interesting comment tonight at the close of his great show, Kudlow & Cramer.
Talking budgets, and putting this one into some historical context, he harkened back to the Reagan White House (in which he worked) and reminded us that coming out of recession, Reagan’s budgets were 6.5% of GDP. Today, Bush’s are less than half that.
In my mind that still does not excuse Bush’s unwillingness to veto ANYTHING. But, it does at least give me some hope that his excess spending isn’t slowing otherwise natural growth. Onward and Upward!