Oh Dear: Invisible Bond Market Vigilantes Making Policy Department
DeLong Smackdown Watch of the Year!

The History of Economic Policy from 1993 to 2001

Duncan Black:

Eschaton: It Wasn't That Long Ago: Clinton passed a tax increase to reduce the deficit. He was rewarded for his efforts by Democrats being destroyed in subsequent elections and eventual impeachment. The tax increase, combined with a booming economy, led to the US government having a surplus. At this point, the greatest threat to the union was suddenly...a budget surplus. This, of course, could only be remedied by massive tax cuts for rich people.

There's no point in worrying about budgets 5 years from now. You can't control future Congresses.

I want to be part of the sensible bipartisan center. But what answer can I give Duncan?