The Economist:
The cost of borrowing. “Budget deficits, as Mr Mankiw has pointed out, ‘are a mechanism whereby one generation of taxpayers passes the buck for its spending on to future generations’. ” Okay, let’s take you back to the 1990’s, when the Republicans said deficits were irresponsible and dangerous [disingenuous, after the immediately preceding reigns of Reagan and Bush Sr.; Mr Reagan escalated deficits to never-before seen heights, numerically and percentage-wise], and the Democrats said a small deficit was fine. Cut to today, where the Republicans now say managed deficits are fine, and the Democrats say these deficits are too large and are loaded on the backs of future generations. And the Republican fiscal conservatives maintain, consistently, that deficits are a bad thing. Pack the blue voters with the fiscally-conservative Republicans, and it would seem a majority in the US stand against the Bush Administration and their idealogical cohorts in budget and financial matters.
I will also note, the conservative-leaning Economist believes in evolution and natural selection, not ‘intelligent design.’
Let’s hope our next financial evolutionary phase is a viable one.
