The propaganda line of the GOP from the very first months – as the deficit inevitably soared in the wake of an inherited super-recession – was that the Democrats are once again the party of deficits and debt. But when you look at the trajectory over Obama’s full term, you find something a little different:
Now look at George W. Bush’s record on deficits over his eight years:
Now the sequester deserves some credit. But notice how even with this fiscal tightening, consumer confidence is at a six-year high in the US. We could have 2 percent growth this year, and more strengthening of the crucial housing market. The political implications for 2014, when the GOP will be unable to use the deficit or unemployment as issues as they have done for so long … are potentially far more potent than any current scandals (unless one of them turns out to be real or we get another economic shock).