Myth #2: Good governance entails fiscal responsibility.

This is one of the hoariest shibboleths of modern American politics: feckless Democrats tax and spend; sober Republicans stand for balanced budgets. So President Ronald Reagan claimed, en route to racking up the massive deficits that transformed the United States from the world’s number one creditor into its biggest debtor. George W. Bush doubled down on Reagan’s promise. Yet during his presidency, deficits skyrocketed, eventually exceeding a trillion dollars per annum. No apologies were forthcoming. “Deficits don’t matter,” his vice president announced.

Then along came Trump. Reciting the standard Republican catechism, he vowed not only to balance the budget but to pay off the entire national debt within eight years. It was going to be a cinch. Instead, the projected deficit in the current fiscal year will once again top a cool trillion dollars while heading skywards. The media took brief note — and moved on.

The truth is that both parties are more than comfortable with red ink. As charged, the Democrats are indeed the party of tax and spend. Yet the GOP is the party of spend-at-least-as-much (especially on the Pentagon) while offering massive tax cuts to the rich.  

(Andrew Bacevich writes for TomDispatch) 

I’m not so naive as to believe that the nation’s budgetary income and expenditure should be equally balanced, or that there should be an annual surplus for years on end.   Normally one would expect that in years of growth there would be a surplus, and that in years of recession ,or low growth, the government will borrow.  You can have a small-ish deficit if the economy is growing in real terms.  But it is highly unusual to have the current situation where the economy is doing well and unemployment is low, and the country is running on a massive deficit.  This is mainly because of the tax cuts for corporations and the rich, who are collectively paying less tax than ever.  Notwithstanding that indebtedness is rising alarmingly.  I suppose the idea is that the next (Democrat) government will be blamed for the outcome in the sordid game of skewering your opposition, which is composed of your fellow citizens.  This is not patriotic, it is not  Epicurean, and it is not wise.