'Fiscal conservatives'

Leaving a legacy

We all realize that poll results ebb and flow and the only one that really matters doesn't come around until Nov. 4.

But it is interesting to see how opinion changes out in America -- even when one is absolutely flabbergasted by the results.

Such was the case recently when we saw a Zogby poll which showed the American people, by a margin of 49-40, believe John McCain will do a better job in dealing with the economy than Barack Obama.

This comes on the heels of an amazingly bad eight years of managing the economy by one of the "fiscal conservative" stars of the GOP. That a significant number of people would want more of the same, at least on the economic front, defies explanation.

And make no mistake about it -- the Congressional Quarterly shows that John McCain sided with President Bush on legislative positions right at 90 percent of the time.

We've noted this before, but in the handling of the federal government's books, here is the breakdown of the annual deficit in recent years.

President Jimmy Carter -- Deficits were in the range of $50 billion a year during his four years in office.

President Ronald Reagan -- This is when the concept of the out-of-control federal budget deficit hit full stride, reaching $300 billion levels, an amount never before imagined. As a percentage of gross national product, Reagan's deficits were humdingers, setting records that still stand in three separate years, numbers that could not even be topped by his GOP predecessors, the Bushes. Looking at any economic analysis one wants to produce, it continues to amaze that Reagan is seen by anyone as the great "fiscal conservative" portrayed by his political party.

President George H.W. Bush -- He took over where Reagan left off and continued the "borrow and spend" policies of his mentor. The budgets during the years of Bush I ranged right at the $200 billion mark.

President Bill Clinton -- The first Democrat in the White House in 12 years started with the $200 billion deficits and turned them around relatively quickly. His final four years in office actually saw budget surpluses for the first time in decades. The high water mark came in 2000, when the budget showed a $236.2 billion surplus.

President George W. Bush -- Well, it was back to the "fiscal conservatives" starting in 2001 and we all know the story. Even though his deficits as a percentage of GDP are not quite up to Reaganesque "standards," they are the largest-ever in terms of actual numbers, averaging right at $300 billion a year. He set a record of $412.7 billion in 2004. After a dip in the last year, he may even top the all-time high this year, with the deficit projected at well over $400 billion. A lot of the budget numbers also do not reflect costs associated with the Iraq War, which has a price tag of some $700 billion so far by some estimates.

In light of these past records, it's hard to see why a significant number of voters would favor such policies on into the future where the economy is concerned. But that's what at least some of the polls are showing so far. The final result, of course, remains to be seen.

The campaign rhetoric will heat up on both sides as we enter the final stretch, but McCain has already awakened some skeptics who question his identification with the "average American" considering he and his family own 8-10 houses and in a recent forum he defined "rich" as someone earning at least $5 million a year.

--REK