The political right formally abandons deficit reduction as a priority

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29d ago 1:05

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There was always something that didn’t quite add up when American conservatives complained about federal budget deficits. Despite their supposed commitment to fiscal discipline, no factor has played a larger role in soaring deficits than Republican tax cuts enacted under presidents Ronald Reagan, George W. Bush and Donald Trump.

Indeed, during the administration of President Bill Clinton, modest income tax hikes on corporations and the wealthy helped spur budget surpluses that began to retire the federal debt. Similar strategies during the Obama and Biden years led to declining deficits.

Unfortunately, as the Congressional Budget Office reported last week, the new megabill signed into law by President Trump will again cause the deficit to soar by trillions of dollars. Oh, and the CBO notes that it will also cause 10 million people to lose access to health insurance.

The bottom line: The only area in which Trump’s big bill is “conservative” is in the lack of care it extends to human beings. When it comes to fiscal policy, it’s an exercise in undisciplined runaway spending of the highest order.

For NC Newsline, I’m Rob Schofield.

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