Republicans have loudly proclaimed for quite a while now that they oppose this nation running large deficits and increasing the national debt. It is simply not true, as they recently showed by the "tax cuts for the rich" law they recently passed -- which will require trillions in new borrowing and explode the national debt.Here is some of what Nobel Prize-winning economist Paul Krugman (pictured) had to say about this in his New York Times column:
There have been many “news analysis” pieces asking why Republicans have changed their views on deficit spending. But let’s be serious: Their views haven’t changed at all. They never really cared about debt and deficits; it was a fraud all along. All that has changed is the fact that a Republican now sits in the White House. How do we know Republicans were never sincere about the deficit? It was obvious, even at the time, to anyone who looked at their fiscal proposals. These proposals always involved giant tax cuts for the wealthy — funny how that worked — offset by savage cuts in social benefits. Even so, assertions that deficits would go down depended entirely on assuming lots of revenue from closing unspecified loopholes and huge savings from cutting unspecified government programs. In other words, even at the peak of their deficit-hawk posturing, all Republicans really had to offer was redistribution from the poor to the rich. However, pretending to care about the deficit served several useful political purposes. It was a way to push for cuts in social programs. It was also a way to hobble Obama’s presidency. And I don’t think it’s unfair to suggest that there was an element of deliberate economic sabotage. After all, Republicans weren’t just vehemently opposed to fiscal stimulus; they were also vehemently opposed to monetary stimulus. Basically, they were against anything that might help the economy on President Obama’s watch. Now Obama is gone, and suddenly deficits don’t matter. But let me not just bash Republicans. Let me also bash their enablers — all those who were duped into believing their claims to be deficit hawks, or pretended to believe them in order to appear balanced and bipartisan. Such people did America a great disservice. And they will continue to do a great disservice if they obscure what’s happening now. Please, let’s not talk about the wrongheadedness of fiscal policy — about imposing austerity in a depressed economy, then running up the deficit when we’re already near full employment — as a problem of “political dysfunction,” or assert that both parties are to blame. Democrats didn’t block stimulus when the economy needed it, or push a tax cut that will worsen inequality and explode the national debt. No, this is all about Republican bad faith. Everything they said about budgets, every step of the way, was fraudulent. And nobody should believe anything they say now.
