It was the summer of 2000, I had slightly more hair, was recently wed, had moved into a new house, was about 8 months into my new job, and the country was fiscally pretty sound. And there was a Presidential election going on. Back in 2000 and again in 2004, I ran a mailing list with people across the political spectrum where we discussed politics generally and the Presidential campaign specifically.
In 2000, one of my main concerns was Bush’s proposed tax cuts. Most folks seemed to be doing pretty well financially — certainly I didn’t see a lot of people staggering under the tax burden of the Clinton years — and, after the better part of two decades of deficit spending (probably more like four decades), we were finally starting to head the other direction ever so slightly on the national debt. Based on this, Bush’s tax cuts seemed like a remarkably stupid idea to me. On the discussion list, some of the folks on the right started warning me about the dangers of paying the debt off too fast. Under Bush, we’d still go on paying down the debt as fast as was prudent. The tax cuts were a good idea because times were good. I was skeptical.
Of course, Bush immediately began following in the foot steps of his dad and Ronald Reagan by presiding over huge deficit spending. The economy sputtered a bit with the collapse of Enron and the like. And the wars came. The tax cuts remained in place. Times were too tough to raise taxes. Government spending continued unabated; got even larger. The deficits got bigger. The perils of paying down the debt too fast were forgotten.
Come to think of it, those guys kind of looted the joint. It was like a party that wasn’t much fun but still leaves you with a cheap wine hangover and a huge mess to clean up.