Bush's Fiscal Legacy

Clive Crook: 

The Democrats are promising to raise taxes only on the rich: the country’s vast middle class expects to be unaffected. And as long as Mr McCain declines to explain exactly how he will curb spending (aside from attacking earmarks, the special interest spending projects which in the larger scheme of things are trivial), voters will be equally blithe about that side of the calculation too. Everyone can deplore the fiscal incontinence of the Bush administration and hardly anyone need worry about what restoring fiscal control might require. In this, as in other areas, the thinking boils down to: “After George W.Bush, everything will be fine.”

On taxes and spending – as on Iraq – it will not. The point has become dulled through repetition, but the fact remains that the US faces, from a position of fiscal weakness, new and mounting pressures on public finance. In dealing with the larger problem, muddling through is unlikely to succeed. The country will have to change how it confronts fiscal questions.

That's an understatement.