Bankruptcy as national policy

Old Blog Import

The underlying strategy here is all too familiar: Instead of challenging popular liberal programs directly, the Republicans are creating fiscal conditions that make those programs unsustainable. In 1981 the Reagan administration slashed taxes, deliberately intending — as Ronald Reagan’s budget director, David Stockman, later disclosed — to starve the federal government of funds, force reductions in domestic spending and keep new liberal initiatives off the agenda. Republicans dominated national policy for a decade as a result. That the tax cuts plunged the country into a fiscal disaster was merely a side effect of a policy that conservatives continue to hold up as a model of presidential leadership.

The American Prospect