Shaming the other guy for doing something, and then doing it oneself as soon as one gets into power: It is cynical, it is hypocritical, it is Washington. The country has room to expand its budget deficits even now, he said. Maybe it is not that Republicans should be more obsessed with the debt now. Maybe it is that nobody in Washington should have been so obsessed with the deficit back then.Back then, in this case, means 2010 through 2014, give or take. Gone are the promises to tackle entitlement reform, or to seek huge cuts from programs across the government. “If you go around yelling about pressure on interest rates and public borrowing crowding out private, you don’t have a lot to point to in terms of data,” Bernstein told me. “In this generation, a defining responsibility of government is to steer our nation clear of a debt crisis while there is still time,” Paul Ryan, now the speaker of the House, Sure, Republicans still cast themselves as the party of budgetary responsibility today. Paul Krugman points out that there is good evidence that Republicans don't really care much about the federal deficit. Topic: Why don't Republicans care about the deficit anymore? Indeed, the many seem not to care much about the debt at all, now that Washington has stopped talking about it. An excellent first step would be to agree to stop making it worse.”But for now, nobody from either side of the aisle seems to want to listen. “Around the world, we face rogue regimes, terrorist groups, and rivals like China and Russia that challenge our interests, our economy, and our values,” President Trump said, to rapturous applause, during Tuesday’s address. But looking ahead, the next time Democrats have power in D.C., is it safe to assume Republicans will start pretending to take the issue seriously again?Can we all agree in advance that their rhetoric will deserve to be laughed at?By this reasoning, is Trump’s budget chief not paying attention?Director of the Office of Management and Budget Mick Mulvaney listens to a question during a press briefing at the White House, Saturday, Jan. 20, 2018, in Washington. 0 0 0 All Rights Reserved. Race, immigration, the Empire State Building. TheAtlantic.com Copyright (c) 2020 by The Atlantic Monthly Group. That’s in Japan, other advanced economies as well.”The risk that the country would not be able to fight a future recession due to its heavy debt burden might have been overinterpreted, as well. ... Maybe it is that nobody in Washington should have been so obsessed with the deficit back then. It now seems clear that the degree of deficit panic whipped up in the post-crisis years overestimated the risk of a bond-market reaction, overstated the risk of the government crowding out private investment, and underestimated the capacity of the United States government to run deficits and build up debts—as well as overestimating how much voters ever really cared about the deficit.
During the 2016 GOP debates, the fiscal situation came up far less often than it did in 2012, and with far less urgency too. Don't Be Deficit Dupes Democrats and the media really need to learn that Republicans don't care about the deficit. Based on what we’ve seen so far, the increase in the deficit could be at least $1.5 trillion over 10 years. Congress passed a trillion-dollar stimulus to help wrest the country back from free fall, and the economy entered a sluggish recovery from the pain of the recession.
“If we were in a position where additional tax cuts or spending would be beneficial in a rapid way to help a falling economy, markets would reward, not punish, you for that.”Plus, broad segments of the public seem uninterested in punishing even archconservative politicians who increase the debt, despite the promises of the Tea Party. The president also did not address the ongoing need to address our nation’s largest entitlements, which need to be strengthened,” Maya MacGuineas, the president of the Committee for a Responsible Federal Budget, said in a statement after President Trump’s address.
It was always a political tactic. But they don’t want to pay for it, which means the budget deficit is going to rise.
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