More Proof That Fiscal Conservatism Is Dead

The federal budget deficit hit a new record in the just-completed 2008 budget year under the latest estimates from the Congressional Budget Office.

The record $438 billion for the budget year that ended last week is up from $162 billion posted last year. The previous record of $413 billion was posted in 2004.

Remember when Republicans were considered the fiscally responsible party and Democrats were tax and spend liberals? The Bush Administration has succeeded in destroying yet another myth about the wisdom and governance of the GOP. The economy is in its worst shape in decades, the federal budget is being destroyed by a combination of bad policy and two foreign wars, and the only thing Republicans want to do about it is add hundreds of billions of dollars in tax breaks to the recently passed $700 billion bailout bill.

This disturbing lack of ideas and any set of problem solving skills only add to my prediction that there will be a landslide in favor of Democrats on November 4. People are too worried about their wallets right now to trust a political party that got us into this mess and have no clue how to get us out of it.