Friday, January 25, 2013
The Deficit Hawks in decline
Or so says the learned sage, Dr Paul Krugman. He bases his assertion on the decline of presidential interest in the deficit, among others. And certainly, after three years of failure, they should be a disappearing species
At this point, then, it’s clear that the deficit-scold movement was based on bad economic analysis. But that’s not all: there was also clearly a lot of bad faith involved, as the scolds tried to exploit an economic (not fiscal) crisis on behalf of a political agenda that had nothing to do with deficits. And the growing transparency of that agenda is the fourth reason the deficit scolds have lost their clout.Alas, as he point out the deficit dickwads are still in charge of the House from which all fiscal wisdom should flow. But don't count on it with those bozos running things.
What was it that finally pulled back the curtain here? Was it the way the election campaign revealed Representative Paul Ryan, who received a “fiscal responsibility” award from three leading deficit-scold organizations, as the con man he always was? Was it the decision of David Walker, alleged crusader for sound budgets, to endorse Mitt Romney and his budget-busting tax cuts for the rich? Or was it the brazenness of groups like Fix the Debt — basically corporate C.E.O.’s declaring that you should be forced to delay your retirement while they get to pay lower taxes?
The answer probably is, all of the above. In any case, an era has ended. Prominent deficit scolds can no longer count on being treated as if their wisdom, probity and public-spiritedness were beyond question. But what difference will that make?
Subscribe to Posts [Atom]
Post a Comment