THIS IS NOT ->Delawareliberal

The booming economy created by the Clinton administration was the product of getting the deficit down, and running budget surpluses. Clinton did it by created some short-term pain for the rich by raising taxes (and some pain for liberals by cutting services). I have to admit, I winced when he said, "The era of big government is over."

I soon got over it, becuase the payoff was huge. My take home pay went up and the country saw more investment, more rapid productivity growth, higher job growth, lower interest rates and rising real wages and income. By the time Clinton left office everyone had warmed up to the merits of balanced budgets, and low interest rates that went hand in hand with fiscal responsibility.

Then George Bush came. Not content to be the care-taker President he was elected to be, Bush decided to trash the Clinton system of fiscal reponsibility in favor of wreckless tax cuts and out of controll spending. Now we have Republicans crowing about the current "recovery". That is like a drunk taking pride in "recovering" from his hangover. One period of slightly improved economic numbers and it seems to mean that "tax cuts work" and that deficits don't matter. With nothing else to talk about, I expect Bush to make many more speeches about how great the economy is. If the DOW manages to crack 11,000 he will probably declare "Mission Accomplished" in a prime time speech.

But I don't expect a return to the Clintonesque salad years. Because deficits DO matter and interest rates respond to fiscal responsibility, not speeches.