Thursday, February 07, 2013


Krugman schools Boehner on his '22 years' of fiscal irresponsibility (there's a graph and everything):
this is important. Republicans have invented a history in which it has been fiscal irresponsibility all along — and far too many centrists have bought into the premise. The reality is that we had low debt and no fiscal problem before Reagan; then an unprecedented surge in peacetime, non-depression deficits under Reagan/Bush; then a major improvement under Clinton; then a squandering of the Clinton surplus via tax cuts and unfunded wars of choice under Bush. And yes, a surge in debt once the Great Recession hit, but that’s exactly when you should be running deficits.

The point about the fake history that expunges the Clinton years is that it turns the budget into a story in which nobody is at fault because everyone is at fault, and the problem is a generic issue of runaway spending. No, it isn’t; we would have come into this crisis with very little debt if the GOP hadn’t always insisted on tax cuts.

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