Magazine November 30, 2020, Issue

Debt, Deficits, and the Donald

(Steve Marcus/Las Vegas Sun via Reuters)
With Republicans like these, who needs Democrats? 

Speaking to a CNBC reporter back in January, White House aide Larry Kudlow boasted about economic growth under President Trump (and blamed the Fed and others for its not being even higher): “You’ve gone from 1.5 percent to 2 percent growth. We had it going at almost 4 percent, then the Fed tightened. . . . We’re now down to 2.5 percent to 3 percent. I’m looking for faster growth.”

Kudlow was correct to prioritize economic growth. In a paper for the Mercatus Center, William Beach and I noted that if the economy were to grow at an inflation-adjusted rate of

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