by Andy Cohen / The Politics of Football / July 30, 2010
So according to unconventional wisdom, when a Republican resides in the White House, deficits don’t matter one iota. But the instant a Democrat moves in, the budget deficit becomes the single greatest threat to American society since the War of Independence; the absolute bane of our existence.
How strange, then, that Republican economic policies have the effect of increasing the budget deficit, while Democratic policies have tended to decrease the level of deficit, or even result in a budget surplus. Yet Republicans in Congress would like us to believe that they have just the remedies necessary to stamp down that pesky deficit and cut our national debt!
So with the 2010 midterm elections fast approaching, let’s try to get an idea of what might happen should Republicans retake majorities in the House and Senate, and what they would do to change our economic course.
Meet the new fiscal policies, same as the old fiscal policies.
As usual, Republican economic policies revolve around tax cuts. Early in the Bush administration, we saw two rounds of tax cuts, neither of them accounted for in the federal budget; i.e. neither of them paid for. But according to Republicans, you don’t have to pay for tax cuts—they pay for themselves. And according to Arizona Republican Senator Jon Kyl, “You should never have to offset a deliberate decision to reduce tax rates on Americans.” But even a cursory glance at the facts reveals this position to be an utterly ridiculous falsehood.
For the remainder of this article and more swell graphs, please go here.