No this isn't the knee jerk Republicans out of power now it's time to worry about spending and debt and deficit.
Instead, I'm asking...do they actually matter? In theory yes, but in practice?
Republican administrations and Democrat administrations alike all deficit spend, trillion dollar annual budget deficits are now norm.
With more covid relief and infrastructure proposals anticipated it only deepens.
So where does it all end up? Interest rates have perpetually remained low, or some variant of low, ever since I started following such things over 20 years ago. If they can keep their foot on rates forever, is that possible, if so, then maybe deficits really don't matter. Do they? With the national debt approaching 30 trillion, how do you even begin to try and dig out of that hole all while deficit spending? Seems to me there is no end in sight and any talk of trying to get it under control is only a joke so why even give it lip service?
Good topic. In the long run, absolutely deficits matter. The fall of the Soviet Union was due to their crushing debt. Luckily, interest rates have been so low that the US hasn't had trouble servicing our debit, but that can't go on forever.
Unfortunately, both parties LOVE to spend money, but only one party is even willing to consider raising taxes. When a company like Amazon pays zero in taxes, and somebody like Trump pays less than most middle class Americans, we have a problem. Believe me, I hate paying taxes as much as the next guy, and I pay a LOT in taxes, but something needs to be done.
And this inflation...been hearing about all this pending inflation for over a dozen years now from various sides. We've expanded the money supply by what multiple and so much fiscal stimulus you can't almost keep up with it since 2008...and where is the inflation?