Beinart: The Tea Party Won

Peter Beinart at The Daily Beast:

Liberals are furious that President Obama agreed to massive spending cuts, and the promise of more, without any increase in revenue.

As usual, a great piece of comedy from Peter Beinart.¹. My favorite joke is the one about the Bush tax cuts not spurring economic growth:

They should be: Given how much the Bush tax cuts have contributed to the deficit (and how little they’ve spurred economic growth), it’s mind-boggling that they’ve apparently escaped this deficit-reduction deal unscathed.

Let’s take a look at the facts, shall we?

More crucially, after the 2001 initial tax cuts, the annual growth rate went from 0.3% in 2001 to 2.5% in 2002. By 2004, GDP growth was the highest in 20 years. (Source)

Likewise, after the 2003 tax cuts, the unemployment rate fell to the lowest level since World War II. Let me repeat that: the Bush economic program created the lowest unemployment level ever. In fact, economists liken it to full employment given the demographic composition of those who were left on the unemployment line.

(Via RedState.)

Also comical is his bit about how the Tea Party won because Obama agreed to spending cuts over a period of ten years, and how he’s getting a raise in the deficit immediately. Silly Tea Partiers. They asked for us to live within our means, and instead we got a plan that will borrow more money and slowly cut spending over a decade—which only really works if future sessions of congress decide to stick to the plan.

In all seriousness, it’s not the Liberals that have been played. The joke’s on us.