America’s Debt Palooza: $1 Trillion To $30 Trillion In A Fiscal Heartbeat, Part 2

There is no reason whatsoever to believe that the GOP’s old fashioned anti-deficit consensus of 1981 was wrong.

After all, during the two decades through 1980—the stagflation of the 1970s notwithstanding—the growth rates of real GDP and real median family incomes were at the top of the historic charts, rising by 3.8% and 1.9% per annum, respectively. And deficits were at the bottom, averaging less than 1.5% of GDP per annum.