During the Bush administration, Dick Cheney said "deficits don’t matter." But as soon as those deficits were handed over to the Democrats, suddenly they did matter. In the long run, they certainly do, but the way to pay them back is not by cutting the budget during a recession. It is by letting the economy recover and paying them down with increased tax revenue. No need to raise taxes. In fact, they can be lowered as revenue increases from a healthy economy. Cutting now strikes us two blows: first, it takes needed liquidity out of the recovery; second it strengthens the dollar, making our exports less competitive. The elderly elected the Tea Party because they feared that Obamacare would ruin Medicare. How ironic that they have put into office people who will not only blow up the economy, but also plan to destroy Medicare completely. I am not a liberal. I am not a conservative. I’m practical, as ideological extremists never are. This summer, you will see the economy starting to struggle again. By January, it will be in freefall.
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