We’ve undergone a sea change in American politics. Its significance should not be underrated. The Republican Party has, for the foreseeable future, lost all credibility on the issue of federal spending and deficits. It’s a rare case of ideological hypocrisy, of practice never conforming to theory, coming home to roost.
The Congressional Budget Office (CBO) estimates that the federal government will this fiscal year spend $2.3 trillion more than it collects in revenue — and that’s before President Biden’s $1.9 trillion COVID relief proposal is taken into account. CBO estimates further that, in 10 years, we’ll reach the highest debt-to-GDP-ratio in U.S.