The Trump deficit will be gigantic and not a real problem

Republicans are about to do a 180 on deficit spending. Democrats shouldn't follow suit.

It's gunna be huge.
(Image credit: REUTERS/Mike Segar)

America is about to learn yet again that Republicans are hypocrites on the national debt. After furiously railing against the large debt increases added during the Obama years (due to a combination of recession-caused tax revenue declines and various stimulus spending), Republicans are going to turn on a dime and explode the deficit with gigantic tax cuts for the rich, just like they did when George W. Bush was president.

This has some liberals rediscovering their own deficit phobia. Paul Krugman writes that "deficits matter again." But liberals should not count on this. History and theory strongly suggests that huge new deficit spending won't create either inflation or a spiral in interest rates.

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Ryan Cooper

Ryan Cooper is a national correspondent at TheWeek.com. His work has appeared in the Washington Monthly, The New Republic, and the Washington Post.