Biden-era deficit reduction has been so successful, Republicans ought to be impressed. Instead, they're pretending not to notice. - MaddowBlog
First, there’s recent history to consider. As The Washington Post’s Catherine Rampellbefore the Covid-19 crisis, “Federal deficits have widened immensely under Trump’s leadership. This is striking not only because he promised fiscal responsibility — at one time even pledging to eliminate the national debt within eight years — but also because it’s a historical anomaly. Deficitswhen the economy is good and we’re not engaged in a major war. ...
The analysis was plainly true. Team Trump and congressional Republicans swore up and down in late 2017 that they could slash taxes for the wealthy and big corporationsincreasing the deficit because, as they repeatedly insisted, “tax cuts pay for themselves.” We didn’t need additional evidence that their ridiculous belief was, and is, wrong, but the evidence soon followed anyway.
Then, of course, the pandemic hit, at which point the annual deficit ballooned to over $3 trillion. Biden set out to make the deficit vastly smaller, and thanks to economic growth, robust job creation, and reduced Covid investments, he’s following through., when it comes to the deficit, Americans have endured a remarkably consistent pattern for four decades.
It starts with a Republican presidential candidate denouncing the deficit and vowing to balance the budget if elected. That Republican then takes office, abandons interest in the issue, and expresses indifference when the deficit becomes vastly larger. Then a Democrat takes office, the deficit invariably shrinks — a development Republicans tend to ignore — at which point the entire cycle starts over.
As the cycle spins, polls continue to show that most Americans see Republicans as the party most trustworthy to reduce the deficit, despite reality, because some partisan branding is tough to change, even in the face of four decades’ worth of evidence.that I’m not a deficit hawk, per se, and deficit reduction is nota worthwhile goal. But I’m also a fan of fiscal debates rooted in facts, and the fact is that Biden-era growth has generated the kind of deficit reduction that the GOP should love.
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