by Victor Davis Hanson // NRO’s The Corner
The deficit this year may fall to below $700 billion, but that is still huge at a time of a record near $17 trillion in debt, and comes despite a supposedly recovering economy and more revenue, despite recent sequestration cuts, despite dramatic gains in U.S. domestic energy production, despite the return of the Clinton-era tax hikes to the top brackets, and despite the end of the war in Iraq and the wind down in Afghanistan.
Wars, tax cuts on the wealthy, and out-of-control defense spending were all in the past variously cited as causing these huge deficits. In fact, the more compelling causes were always chronically slow economic growth, out-of-control federal spending, and the exemption of nearly half of America from paying any income tax at all.
No wonder we have a deadlock, when the best medicine for restoring fiscal health—stronger GDP growth through suspending Obamacare, opening up federal gas Continue reading “What Are They Fighting Over?”