May 10, 2013


 




Contrary to popular belief, Republicans don’t hate budget deficits. On the contrary, they love them. When they occur on the Democrats’ watch, they provide Republicans with endless talking points on how they are bankrupting the country and will inevitably lead to high inflation and interest rates. This is good for Republicans, politically, because rich people, the elderly and other core elements of the Republican coalition get scared and give lots of money to Republican candidates.



In office, of course, Republicans care nothing about the deficit. They cut taxes willy-nilly, sharply raise defense spending and start wars if necessary to justify it, create huge numbers of pork barrel projects, and enact massive new entitlement programs such as Medicare Part D, all while asserting that they are the party of fiscal responsibility.