The Donald Trump-inspired rise of “populist nationalist conservatism” that does not emphasize the national debt means Republicans have less incentive to even talk about the debt.
The Capitol Dome is seen silhouetted by the rising sun on Capitol Hill in Washington, Thursday, Nov. 30, 2017. Last week, the national debt reached $35 trillion, a mere seven months after the debt reached $34 trillion. To put this in perspective, the national debt first reached one trillion dollars in October of 1981, almost 200 years after the Constitution’s ratification!
This was not the first time that apparent spending limits consisted of smoke and mirrors. For example, the budget “surpluses” of the 1990s were due to the government’s practice of counting the social security trust fund as both a liability and an asset, not because of bipartisan budget deals. Many Democrats, including those who have embraced Modern Monetary Theory, agree with former Vice President Dick Cheney that “deficits don’t matter.” Modern Monetary Theory asserts that as long as the central bank can monetize federal debt and keep interest rates low the government can endlessly increase the amount of debt. This is not really modern, as the Federal Reserve has long been acting as the “great enabler” of the federal debt.
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