Whatever Americans tell pollsters about what they think about Joe Biden and Republican would-be candidates, in the coming tussle over raising the debt ceiling there will probably be a universal backlash against all concerned if government goes into "shut-down mode." The last time this happened, Republicans got the blame for being obstinate. Is there any reason to think that this time things would be different? And of course there is the small issue of deciding what programs get are cut, and by how much (aka whose ox gets gored). Taking an ax to Social Security and Medicare would be wildly unpopular even to the Republican base, which skews older. Another point: a large part of the deficit growth and decline in the past 3 years was related to the extraordinary measures taken to mitigate COVID impacts. Those programs have ended or are soon to end. Biden was mistaken in claiming credit for the post-COVID reduction but the 15% minimum corporate income tax will, ostensibly, lead to increased revenue for 2023 onwards. Of course, arguing the finer points of deficits, taxation and discretionary versus mandatory spending does not make for good campaign rhetoric, so voters should prepare to activate their hyperbole filters.
Whatever Americans tell pollsters about what they think about Joe Biden and Republican would-be candidates, in the coming tussle over raising the debt ceiling there will probably be a universal backlash against all concerned if government goes into "shut-down mode." The last time this happened, Republicans got the blame for being obstinate. Is there any reason to think that this time things would be different? And of course there is the small issue of deciding what programs get are cut, and by how much (aka whose ox gets gored). Taking an ax to Social Security and Medicare would be wildly unpopular even to the Republican base, which skews older. Another point: a large part of the deficit growth and decline in the past 3 years was related to the extraordinary measures taken to mitigate COVID impacts. Those programs have ended or are soon to end. Biden was mistaken in claiming credit for the post-COVID reduction but the 15% minimum corporate income tax will, ostensibly, lead to increased revenue for 2023 onwards. Of course, arguing the finer points of deficits, taxation and discretionary versus mandatory spending does not make for good campaign rhetoric, so voters should prepare to activate their hyperbole filters.