by Ryan Streeter on October 12, 2012. Follow Ryan on Twitter.
I’ve been struck by how the media have basically given Obama and Biden a pass on the statement they keep repeating, which Biden repeated last night and which I’ve just heard twice by his defenders on the morning shows: Romney and Ryan are proposing the policies that got us here in the first place.
What, exactly, are those policies? Did the Bush tax cuts on top earners cause the financial crisis? Was our capital gains rate really responsible for leading us into the crisis? How is it that lowering taxes by 20% with matching eliminations in the tax code (forget for a moment whether Romney can pull that off) is going back to the policies that led us into the Great Recession? And how are the entitlement reforms they are proposing to Medicare and Social Security in any way related to what led to the crisis?
On the other side of the ledger, how is it that raising the top marginal rate will avoid another crisis? How will the current non-reforms to Fannie Mae and Freddie Mac avoid another crisis? Does anyone think Dodd-Frank is up to the task in its current form?
This Obama-Biden line gets repeated every day without anyone seriously challenging it. More than any claim they’re making, it makes the least amount of sense and receives the least amount of scrutiny.