By Jonathan Bydlak
For years, Grover Norquist and Republicans have tried “starving the beast” of the federal government by capping taxes. While they’ve been highly successful at preventing tax increases, they have been less effective at addressing one problematic aspect of fiscal policy: the ability of the Federal Reserve and Treasury to borrow more and more to finance massive spending, as they have done under the Bush and Obama administrations. It’s simple: Borrowing today means a higher tax burden tomorrow when the debt comes due. True fiscal responsibility, then, requires us to curb spending in addition to limiting tax rates.
Imagine if instead of pledging not to raise taxes, all those politicians had pledged not to raise spending. It’s unlikely the United States would be facing massive tax increases as part of the so-called fiscal cliff. That’s why it’s important to do for spending what Norquist has done for taxes: create a means for voters to hold elected officials accountable when they break campaign promises of fiscal responsibility.
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