Back in 2012, Senate Majority Leader Mitch McConnell called the budget deficit “the nation’s most serious long-term problem.” That same year, House Speaker Paul Ryan called it a “serious threat” to the economy. They were full of it.Not just in the narrow sense that they both went on to enthusiastically endorse a $1.5 trillion tax cut late last year. Nor even in the somewhat broader sense that the real cost of that tax cut is much higher than $1.5 trillion when you consider the various accounting gimmicks and bad-faith phaseouts that were used to squeeze it under that figure.Even under the weird linguistic conventions of American conservative politics where deficits caused by tax cuts don’t count as real deficits, today’s budget deal — a big, multi-billion dollar increase in military spending “offset” by a nearly-as-large increase in non-military spending — gives up the game entirely. They don’t care, on any level, about the size of the federal budget deficit.
Thursday, February 08, 2018
When will Kates question this?
When will Australia's most Trump adoring economist (Kates) ever get around to questioning the fact that Trump and his Republicans indisputably do not care about the budget deficit (now that they are in power):
Firstly Katesy is no economist.
ReplyDeleteGiven he applauded the budget blowouts by Reagan and Bush Jnr and had no confrats to either Clinton or Obama who vastly improved the budgetary positions they inherited then you have your answer.