National Review: Aren’t Republicans Supposed to Care about the Deficit?

In the United States, Republican candidates promise fiscal discipline and debt reduction. With a new budget resolution and plans to adjust the tax code and reduce the corporate tax rate, US political leaders are on track for annual spending deficits greater than $1 trillion, with total debt reaching $30 trillion within a decade. Michael Tanner, writing for the National Review, explains that the new debt is more structural in nature and less based on spending emergencies. “Debt of such enormous proportions will have very real economic consequences,” he writes. “The CBO estimates the economy will grow 3 percent slower than it would in the absence of the debt…. Apparently, Republican concern over the debt ended the moment Barack Obama left office.” The overspending does not tackle looming challenges: an aging population and increased reliance on the social safety nets, neglected infrastructure and threats associated with a changing climate, as well as emerging security risks. The mounting debt weakens the country, and the United States is a less reliable leader on many global issues. Tanner concludes that US leaders are failing at fiscal restraint, placing a heavy burden on future generations. – YaleGlobal