Deficits Don't Matter

Reagan proved that "deficits don't matter" said Cheney to Bush. Prior to Reagan, the Republican party had had a strong anti-deficit bias, but Reagan's lesson of borrow and spend, borrow and spend, was eagerly embraced by banks, credit card companies, and the public. Democrats were mostly OK with it since it allowed some social programs to continue. Republicans were OK with it since the benefits went overwhelmingly to the rich.

Eventually, though, the tab for all those free lunches comes due. I think I see the waiter coming now, and he doesn't look like he's in a generous mood.

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