In the past few weeks, we have talked about how the growth of government debt is a looming economic problem (I disagree with most other commenters here in that I think of it as a long-term problem). I have also suggested that I am skeptical of GOP “deficit hawkery” and you, esp. demolisher, have pointed me toward a number of GOP encumbents who have fallen to TEA party candidates, as evidence that things are shifting.
Comes now the following editorial, from the Weekly Standard no less, cautioning the new GOP majority to go easy on those spending cuts– don’t focus on the deficit and debt!– and instead focus on what I believe boils down to tax cuts.
Query: What is the difference between tax-and-spend, and tax cut-and spend?
I regard this as an early effort to walk back the debt hawkery, lest it threaten tax cuts and increased defense spending. I took particular note of the call to arms to reduce non-defense spending to pre-TARP levels, thus locking in the HUGE increase established by the previous Republican Congress and President Bush.
I therefore think that the new GOP majority will have only slightly more interest than the last GOP majority in deficit and debt reduction– which is to say slightly more than none.