Last month, I wrote about the the disturbing parallels between George W. Bush and Lyndon Johnson when it comes to spending other people’s money.
Now comes this Cato Institute study which seems to confirm the hypothesis. The two most startling points from the study are as follows:
First, during his first 4 years as President, Bush has presided over budgets that have increased discretionary spending an astounding 8% annualized in real terms, nearly twice as much as the rate of increase under LBJ. Second, under Bush, total federal spending has increased at an annualized rate of 5.6%, second only to LBJ who presided over annualized increases of 5.7% during his 5 years in office, and Bush will be around for another 4 years.
If this isn’t evidence of the complete death of fiscal conservatism in Washington, I don’t know what is.
H/T: Hit & Run