A couple of days ago I whined about the fact that Democrats operated from a defensive crouch, and that one way to keep them in that crouch was to throw the word “deficit” at them. Despite the fact that, as Krugman endlessly points out, the Republicans have been deficit hypocrites since 1980, the media treats their protestations seriously and takes it as a given that deficit concerns are legitimate concerns at all times that Republicans mouth them, despite the fact that actual economists don’t agree. It is, of course, also deeply frustrating that the press ignores the issue when Republicans needlessly increase the deficit by throwing money at rich people.
I put it this way: If you borrow money to buy a house, that’s perfectly reasonable and probably prudent. It’s called an investment If you borrow money to throw a party, you may be asking for trouble. Republicans borrow money to throw parties.
Which brings me to this article in this morning’s New York Times. The Democrats in the House have actually proposed a bill that isn’t primarily a giveaway to the major corporations. So naturally, we get this in an article about the Fed chief’s warning that we need more financial support our there:
Yet the warning comes as discussions of additional rescue measures have run aground, with Democrats proposing sweeping new programs and Republicans voicing concerns over the swelling federal budget deficit, which is projected to hit $3.7 trillion this year. President Trump and his economic advisers have pressed the pause button on negotiations for additional spending, waiting to see how much the economy rebounds as states begin lifting restrictions on business activity.
If you read to the end (which almost no one ever does) you’ll see that the Fed chief dismisses deficit concerns. What you won’t read is anything about the Republican hypocrisy on the deficit, either from the Times itself, or from Democrats. How about something like: Republicans are fine with needlessly growing the deficit to benefit their contributors, but when it comes time to help the American people suddenly it’s all they care about. It’s the same playbook every time. Yadda yadda yadda.
I’m sure if they thought about it a bit they could come up with some catchy phrases. You know, go on the attack.
I’m no economist, but I know enough to assert with confidence that in our current situation, the best thing for the economy is to give money to the people and let it trickle up, rather than rely on trickle down. I’m sure a lot of people going through dire times right now would agree. It’s not enough for the Democrats to make good proposals, they have to be loudmouthed about it.