For decades, the criticism of Republicans among limited-government advocates was that the party would talk a big game about balancing the budget and reducing the debt when seeking power, only to toss aside those goals once in power. Ever since the party was taken over by Donald Trump, Republicans have backed away from speaking of debt reduction as an important goal — even as the situation has deteriorated. Now, they have made that fiscal irresponsibility part of their official platform.
On Monday, Republicans released a skimpy platform that brings the party into conformity with the Trump campaign. There may be reasons for the lack of details compared with previous versions of the document, as party platforms are rarely read, mostly do not translate into actual policy, and typically make news only when they provide fodder for opponents.
To the extent that the document does address the federal debt, however, it is disheartening.
The Republican platform promises “large tax cuts” by extending the Trump tax rates that are on track to expire and also ending the taxing of tips. While everybody loves tax cuts, the document also promises no cuts to Medicare and Social Security — the largest federal programs and the main drivers of the nation’s long-term debt crisis.
Vaguely, the platform promises to “rein in wasteful spending.” But at the same time, it promises tax incentives to new home buyers and “expand[ed] access to new affordable healthcare and prescription drug options.”
The document also calls for more energy production, higher growth, and increased tariffs — but even under the rosiest projections, none of those could make up for the trillions in deficits the other policies in the document would be guaranteeing.
While Republicans claim they will bring down inflation, the wider federal debt created by their policies would make it harder to do so.
President Biden has added trillions of dollars to the federal debt, and his proposals for a second term would make matters much worse. But for those who are worried about the ballooning debt and its implications, Trump and Republicans are also discouraging.