The 2010 federal fiscal year ended unceremoniously this week – a political and substantive fiasco for the Democrats. It included a cascade of miscalculations that could haunt the party in the November elections. But that pales in comparison to the serious harm they’ve inflicted on the American economy.
Never before has a party so bungled fiscal policy in the United States, leaving citizens, businesses, and investors with head-spinning uncertainty.
Failure to pass a budget earlier this year began the debacle, but the cavalcade of missteps continued this week with the passage of a so-called Continuing Resolution (CR) to avoid an October 1 government shutdown.
Let’s start with the annual budget plan – or lack thereof. Facing one of the worst long-term debt and deficit crises in the past half century, Democrats in Congress decided to kick the can and skip developing a blueprint this year.