We have had far higher growth than Europe over the past 15-20 years precisely because they have pursued policies of austerity which have kneecapped their growth rates. The US’s currrnt deficit is probably higher than is good, but actually balancing the budget is a terrible idea in general and would be catastrophic in the current situation. Significantly worse than the 2008 economic crisis.
The current crop of GOP leaders wants to slash spending so that they can cut taxes on the wealthy. Because they only have small majorities, they need to use reconciliation to pass any tax cuts and that needs to be revenue neutral, so they need offsetting spending cuts for the tax cuts.
In the past, they have passed tax cuts through regular voting, so they didn’t cut spending at all and just did the fun candy and goodies for everyone bit. But the current group is willing to drive the country into a depression so long as it means Musk can keep a little bit more money, since he is the really needy one here.
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I know many people on the right are celebrating these cuts because they view most of it as just taking jobs or programs away from entitled libs who deserve to suffer.
But let’s see DOGE does cut these hundreds of billions of dollars from the government budget. What am I supposed to believe will be the benefit that I will see from that as an average citizen? Is the legitimate expectation that we’d start paying less in taxes?