The two parties disagree even when they agree, as they do about this: Federal spending is on an unsustainable trajectory under current law. They also agree that altering the most important drivers of this trajectory — Social Security and Medicare — is for tomorrow, which is always a day away. The parties propose, solemnly but implausibly, radically different solutions. Republicans propose cutting taxes and regulations enough to ignite economic growth so rapid and constant that a gusher of revenue will restore fiscal health. This approach is marginally less implausible than the Democrats’ proposal, because one can at least postulate a sufficient growth rate — say, 5%, forever.

Source: Washington Post December 14, 2023 13:17 UTC