Paul Krugman notices that the deficit panic is receding... fast. The issue no longer works for Republicans. It never should have worked.
... The deficit-scold movement was based on bad economic analysis. But that’s not all: there was also clearly a lot of bad faith involved, as the scolds tried to exploit an economic (not fiscal) crisis on behalf of a political agenda that had nothing to do with deficits. And the growing transparency of that agenda is the fourth reason the deficit scolds have lost their clout.
What was it that finally pulled back the curtain here? Was it the way the election campaign revealed Representative Paul Ryan, who received a “fiscal responsibility” award from three leading deficit-scold organizations, as the con man he always was? Was it the decision of David Walker, alleged crusader for sound budgets, to endorse Mitt Romney and his budget-busting tax cuts for the rich? Or was it the brazenness of groups like Fix the Debt — basically corporate C.E.O.’s declaring that you should be forced to delay your retirement while they get to pay lower taxes?
The answer probably is, all of the above. ...Paul Krugman, NYT
Really? The GOP will shut up?
Maybe it was the discovery that one of the few things the country is in the mood to cut is defense spending. Kaiser Health came out with a poll showing where Americans would make -- and would not make -- cuts.