Pot, Meet Kettle

President Bush is calling on Congress to cut back on spending for pork projects.

On the one hand, I do sincerely have to praise Bush for calling out a need. Better late than never.

On the other hand, there has been no bigger spender of government dollar than George W. Bush himself to ever hold the White House. Not FDR. Not Clinton. Not Nixon.

In fact, since 1980, the “party of small government” has controlled the White House, Congress, or both for all but two years. The result? Government has quadrupled.

Imagine a family that makes $100,000 per year, but faithfully spends $140,000. Certainly, at times, this may be appropriate, if not beneficial; a family member starting a business, a child going to college, etc. What if this family overspent by 40% each year, every year, in perpetuity, and debt financing was its long-term strategy to reduce its debt? Would anyone argue as to its sustainability? Of course not. In fact, what lender would continue to float this structure without either calling its loan or raising the interest rate in balance with its perceived risk? No one.

Let me spare you a pending shock: the US government’s lenders (bondholders, mostly in Eastern Asia), won’t stand for the status quo for long.

I don’t like tax and spend. Most Americans don’t either. That being said, Clintonesque tax and spend is far more sustainable, and cheaper in the long term, than GOP style borrow and spend.

You might say it’s conservative to be conservative.