Annual Deficits Hit $1 Trillion. Where Are The Tea Party Rallies?
The last time this country experienced annual $1 trillion deficits was in the aftermath of the Bush recession during President Obama’s first term. Due to the economic collapse of 2008 and Bush era bailouts, we experienced large deficits during much of Obama’s first term.
The GOP and the Tea Party responded with fury to the deficits they created during the Bush Presidency. People dressed up in Revolutionary War garb staged demonstrations all over the country. The Tea Party disrupted Congressional town hall meetings and even leveled death threats at some Democratic members of Congress who supported the Affordable Care Act.
At the same time, numerous Republican members of Congress expressed alarm about the U.S. fiscal situation. Representative Jeff Fortenberry sponsored a balanced budget amendment to the Constitution and said: “Large-scale deficit spending and a $13 trillion national debt will push taxes onto our children. They’re a real threat to economic recovery.” Mitch McConnell contended the federal debt was “the nation’s most serious long-term problem.” In 2012, Paul Ryan asserted that the budget deficit was a “serious threat” to the economy.
Once the Republicans gained control of all of the levers of power in Washington, they went on a tax cutting and spending spree. Their tax cut will add $2 trillion to the national debt to fund a tax cut in which 83% of the benefits will go the top 1%. At the same time, middle class wages are falling and corporate profits are soaring.
As a result of the D.C. Republicans’ fiscal irresponsibility, the Trump White House Office of Management and Budget has now reported that we will be facing annual deficits in the amount of $1 trillion or more as far as the eye can see:
Now that we have returned to the era of $1 trillion deficits, the Tea Party has been very quiet. Where are they? I would be more than happy to join anybody in a demonstration in opposition to this fiscal recklessness.
The reality is that D.C. Republicans only “care” about deficits when we have a Democratic president. Their faux concern about the deficit is only a weapon they use to oppose spending on working families and the poor. The GOP will borrow any amount of money necessary to line the pockets of the top 1% and big business.
If you believe in fiscal responsibility and lower deficits, vote for a Democratic president. Every Democratic president since Jimmy Carter has reduced the deficits they inherited from their Republican predecessor. Every Republican president since Nixon has increased the deficits they inherited from their predecessor.
The next time you are having a conversation with some of your Republican friends and relatives, ask them to name the last Republican president to reduce the deficit and balance the budget. The answer will surprise them since it was Dwight Eisenhower back in 1960.
Republican presidents create deficits to tie the hands of their Democratic successors. Once a Democratic president takes office, the first thing the Republicans do is blame them for the deficits they just ran up and demand immediate austerity. Of course, the Republicans will oppose any Democratic efforts to reduce the deficits. The GOP creates the problem and then runs against the solution. Rinse. Repeat.
The only way to stop this madness is to win elections. Organize. Vote. Win!