“The debt explosion has resulted not from big spending by the - TopicsExpress

“The debt explosion has resulted not from big spending by the Democrats, but instead the Republican Party’s embrace, about three decades ago, of the insidious doctrine that deficits don’t matter if they result from tax cuts. “Cue the FoxNews denunciations. “David Stockman, director of the Office of Management and Budget under President Ronald Reagan, has dared to call out his own party for creating our current economic problems. His NYT op-ed, Four Deformations of the Apocalypse, begins: “IF there were such a thing as Chapter 11 for politicians, the Republican push to extend the unaffordable Bush tax cuts would amount to a bankruptcy filing. Given our long-term deficit problem, Stockman said it is unseemly for the Senate minority leader, Mitch McConnell, to insist that the nation’s wealthiest taxpayers be spared even a three-percentage-point rate increase.”

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