What a difference five years can make on the outlook of basic economics. Consider the following from Dick Cheney in 2004:
Former Bush Treasury Secretary [Paul] O'Neill said he tried to warn Vice President Dick Cheney that growing budget deficits-expected to top $500 billion this fiscal year alone-posed a threat to the economy. Cheney cut him off. "You know, Paul, Reagan proved deficits don't matter," he said, according to excerpts. Cheney continued: "We won the midterms (congressional elections). This is our due." A month later, Cheney told the Treasury secretary he was fired.
Yet today, Cheney and what’s left of the GOP couldn’t be more troubled about Obama’s budget and the subject of pinching pennies in general. But just in case you’re interested, Dick assures us that his boss' policies had nothing to do with the current meltdown.