Nouriel Roubini, an economist who has gained a good deal of fame and influence as the man who saw the Great Recession coming, talks to the Wall Street Journal about our current economic predicament, and how we got in this mess in the first place:
“Well honestly, it’s George Bush’s fault,” he says.
In his view, Bush cut taxes, “we spent $2 trillion for two unwinnable wars, we doubled discretionary spending,” we increased entitlement spending through Medicare Part D and we took a deregulatory approach to the economy that “caused the biggest economic and financial crisis ever.”
“(Obama) inherited the worst economic and financial crisis, and now they blame it on him,” Roubini says. “That’s what happened. We destroyed our financial sustainability.”
– Jay Bookman