THE SADDEST POST OF THE DAY – From Glenn Reynolds:
THAT WAS A BIPARTISAN PROJECT, ACCOMPLISHED WITH HELP FROM THE IRS: Republicans Repeal The Tea Party.
The sad truth is, there’s not a big enough constituency for reducing spending. It’s possible that the bond market will induce some responsibility — we may be seeing the first signs of that — but not enough voters, and even fewer politicians, care. Even if the GOP had 60 seats in the Senate, it’s very doubtful that would translate into 60 votes to cut spending significantly.
As I’ve written before, I’d like to see a 5% across the board cut on spending, followed by a multiyear hard freeze. But the chances of that are zero. And even if Trump is turning out to be more conservative (and more libertarian!) than I expected, he never pretended to be a big spending cutter. And even if he were, there would be bipartisan resistance in Congress.
I don’t have a solution. Any ideas out there?
As I’ve noted many times before, most recently a few days ago, “the right” in a collective sense (as opposed to individuals) seems to have lost the appetite for small government. Conservative politicians have by and large even stopped pretending they are fighting to slow down the rate of growth of government spending, much less actually attempting to shrink the state. All spending is now sacrosanct and the government debt keeps growing into unimaginable heights. I’m all for tax cuts, but (my namesake Laffer’s curves aside), unless you also start cutting the expenditure, you’re not really serious about addressing the most pressing fiscal challenge of our times.
Maybe “Newsweek” was right after all.