When did Republicans stop caring about the deficit? (editorial)
According to this USA Today editorial ($779 billion deficit has the Republican Party stamped all over it, 10/24/18), the current deficit ($779B for FY 2018, projected in the range of $!T for FY 2019) is primarily a function of the GOP tax cut. And although trillion dollar deficits are “nothing new,” they are typically a function of economic downturns. The last time that unemployment was under 4%, in the year 2000, the government was running a $236B surplus.
Republicans had plenty to say about deficits when President Obama was at the helm (four trillion dollar deficits in a row), but now “not so much.” Seems that “like free trade, limited government, the rule of law, and presidents who set a proper moral example,” their principles only matter “when there is some political advantage to be had.”
The tax cuts are probably “behind a modest and likely short-lived bump in economic growth.” But “on the downside, the government is digging itself deeper into a fiscal hole.”
The Trump tax cuts were intended to juice up the economy, and they seem to be succeeding thus far. If faster growth is sustained, much of the revenue losses will be offset. Also, the editorial fails to point out the contribution of wasteful government spending to the overall deficits, i.e., it seems that the real point is to attack the current administration rather than to support sounder management of the government’s finances.