Of Bill And Barack: Don't Be Fooled Tonight!

Here are some important excerpts from a powerful Wall Street Journal editorial:"
“So as Mr. Clinton tries to lay hands on Mr. Obama and rewrite the history of the 1990s, the real story isn't how much policy the two Democrats have in common. What matters is what they did differently. Bill Clinton learned from the mistakes of his first two years. Mr. Obama has doubled down on his—and, on all available evidence, he will double down again if he's re-elected.” – The Wall Street Journal

Of Bill And Barack
The Wall Street Journal
Editorial
September 4, 2012

http://online.wsj.com

Bill Clinton takes to the Charlotte stage Wednesday night to do what he does best—talk . . . about the virtues of Democratic economics. He'll certainly make a better witness than President Obama, and his goal will be to burnish the last four dreary years with fonder memories of the 1990s. Which means it's a good moment to remind everyone about the real economic history of the Clinton years, and why the results differ so much from those of Obamanomics.
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Much like Mr. Obama, in his first two years the Arkansan bowed to the priorities of House Democrats and tried to govern from the left. He raised income and gas taxes while trying to impose a BTU energy tax, a government takeover of health care (HillaryCare) and a $31 billion stimulus, but putting off welfare reform.
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Consider the policy contrasts between Messrs. Clinton and Obama. Under Mr. Clinton, federal outlays as a share of the economy fell to 18.2% of GDP in 2000 from 21.9% in 1992. Nearly two percentage points of that was from the post-Cold War cut in defense spending, but domestic spending also fell as a share of the economy.
For his part, Mr. Obama has presided over the largest spending binge since World War II, increasing outlays to 25.2% of GDP in 2009 and close to 24% of GDP for the next three years despite an economic recovery. Deficits have been above $1 trillion for four years.
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Arguably the most memorable phrase (not related to a scandal) that Bill Clinton uttered during his Presidency came in his 1996 State of the Union address: "The era of big government is over." And for a few years, it was over. By contrast, Mr. Obama's four years have been spent expanding the government willy-nilly—with more spending, the promise of higher taxes, and intervention across the economy. His only economic plan now is still-more spending.
So as Mr. Clinton tries to lay hands on Mr. Obama and rewrite the history of the 1990s, the real story isn't how much policy the two Democrats have in common. What matters is what they did differently. Bill Clinton learned from the mistakes of his first two years. Mr. Obama has doubled down on his—and, on all available evidence, he will double down again if he's re-elected.

**In compliance with copyright laws, this version of the editorial is excerpted**