What’s driving the Republican position on the budget battles?
By Elvin Lim
What exactly, for Republicans, is the budget debate about? It is not primarily about the public debt; it is not even about economic growth.
The last two Democratic presidents, Carter, and Clinton both reduced the size of the public debt as a percentage of our GDP. On the other hand, Richard Nixon was the last fiscally conservative Republican. Every Republican president since has contributed to the rise of the public debt’s share of GDP. Indeed, between Reagan and the first Bush, the gross public debt in nominal terms increased fourfold.