Monday, September 19, 2005

Budget tragedies, budget statistics

As Democrats know and Republicans try to forget, this Administration has turned the record budget surpluses of the late 1990s into unprecedented budget deficits. We've gone from a surplus of $236 billion in 2000 to a $412 billion deficit in 2004. Among the causes are tax cuts, the Iraq War, corporate welfare, and general mismanagement.

The Bush Administration hasn't paid any serious political price for its fiscal nihilism. When there's a war on, nobody can be brought to care about bloodless matters like deficits. Furthermore, there's a level at which you pay no additional political price for pushing the deficits higher. You'll have the fiscal conservatives (all five of them, perhaps!) against you with the same intensity whether you run deficits of $112 billion or $412 billion. So once you've stuck yourself with deficits, there's no reason not to let them run out of control.

Comment at Ezra's blog