The Republicans used to be The Party of Fiscal Responsibility, up until Reagan. 'Reaganomics' became the new paradigm for Republicans. Basically it said that cutting taxes (but only for rich people) will solve the deficit.
In fact we can raise spending enormously just in anticipation of all the revenue increases we're going to see from the tax cuts. Of course the huge spending increases do stimulate the economy, and revenues rise a little, but debt rises enormously. This they blame on the Democrats.
Revenues did increase, right? It's like you get a job as a car salesman and the dealership has a contest where whoever sells the most cars gets to go to Hawaii. So you arrange to secretly buy 20 cars.
You borrow the money, you have someone come in to buy them so nobody will know it's you. And you win the trip! Well, you won, right?
You got to go to Hawaii, right? And you made the most commission of any salesman in the place! But you now have a debt that you'll be paying off for years.
That's how Reaganomics works. The debt is the only bad part, and that's the problem of future presidents! Since 1980, the Republicans care about deficits and debt only when they're out of power.
When they get back into power, they have this sudden epiphany--they realize that debt simply doesn't matter. GW Bush, after he 'won the trifecta' doubled our entire pre-existing national debt. And that's not even counting the two horribly expensive wars which he didn't even put on the budget!
But that was nothing--Reagan TRIPLED the national debt in his day! What president in the last 30 year actually did cut spending, reduce deficits and get us on track towards a balanced budget? AND give a tax cut to the middle class?
Hint: It wasn't a Republican.
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