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To: TigerPaw who wrote (11670)	5/2/2002 2:26:11 PM
From: TimF	Read Replies (1) \| Respond to of 21057

We have real evidence now about what makes the debt grow or shrink. Voodoo II economics under Bush is having the same effect that Voodoo I had under Reagan. The Voodoo part under Reagan was that he said he would cut spending but he, like most other politicians would have done in his situation, allowed it to increase. With Bush you have the same thing, but at least he has the excuse of 9/11. Clinton was fortunate enough to be in charge during a period where the S+L crises was mostly over, the national security situation in the country was such that he could cut defense (of course he went a bit to far, contributing to the need for Bush to increase spending), and there was good economic growth. Reagan was also had the advantage of strong economic growth but in the earlier part of his presidency there was still the cold war, and the military takes years to properly restructure so he couldn't get the benefit of much of a peace dividend. Bush Sr. had a war at the beginning of his presidency and later a recession which ended before Clinton took office. Bush Jr. is facing a similar situation, but the recession is milder and started earlier, so he should have more time to pull out of it before he comes up for reelection. Tim