Steve Chapman

One of the reasons the federal budget is chronically in the red is that most people, historically, couldn't care less. The national debt is an unfathomable abstraction that doesn't show up on your 1040 or your monthly bills. Over the last few decades, very few people lost sleep worrying if the budget would ever be in balance.

Rush Limbaugh

Keynesian economics, as well as political incentives, argued for ignoring the issue. When times were good, we could afford to indulge. When times were bad, deficit spending was the accepted formula to stimulate the economy.

The voters' lack of concern enabled both parties to indulge their natural instincts. Democrats contributed by enacting costly new programs. Republicans did their part by cutting taxes. Fussbudgets who called for fiscal responsibility were treated like the adult chaperone on the college kids' trip to Cancun.

There was rarely a moment when it seemed imperative to live within our means. That's how the publicly held government debt rose tenfold from 1977 to 2008.

It's hard to believe now that during the 1990s, a Democratic president and a Republican Congress worked together to not only wipe out deficits but produce surpluses -- for four consecutive years.

That ended after 2001, with war and recession providing the Bush administration all the excuses it needed. Today, the Clinton-era discipline seems like an inexplicable fit of sobriety in a long-running bender.

But even incorrigible drunks sometimes hit bottom and realize they can't go on partying forever. They see that if they continue, they will throw away everything else they value. It can be enough to make them change their ways.

Maybe Americans are reaching that point when it comes to federal spending and taxes. After years of paying no attention to the national account books, they have had a glimpse of just how bad things are, and they've reacted with horror.

In a Gallup poll conducted last month, 79 percent of Americans said federal debt is an "extremely serious" or "very serious" problem -- more than any other issue except terrorism, with which it tied. A survey by the Pew Research Center found "the highest percentage volunteering the deficit as a top national problem in nearly two decades."


Steve Chapman

Steve Chapman is a columnist and editorial writer for the Chicago Tribune.
 

 
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