Krugman: Where Are The Deficit Celebrations?
For three years and more Beltway politics has been all about the deficit. Urgent action was needed to avert crisis. A Grand Bargain absolutely had to be reached. Fix the Debt, now now now!
So where are the celebrations now that the debt issue looks, if not solved, at least greatly mitigated? And it’s not just recovering revenues: health costs, the biggest driver of long-run spending, have slowed dramatically
Maybe they didn’t actually care about debt and deficit? Maybe the people who said nothing while W grew the debt don’t care about fiscal issues at all. They care about cutting the parts of the state that provide services for the bottom 99% and transferring that wealth to the top 1%