Deficits and the Tax Cut: Some Folks Just Don’t Get It

A lot of media outlets are crying over the increased deficit caused by the GOP’s tax bill. Here’s what the Texas Tribune says:

The bill is expected to deliver a tax cut to most Americans. But the majority of economists also expect it to widen the national deficit by at least $1 trillion over the next decade.

The truth though is that the level of tax revenue by itself doesn’t determine deficits; it is the combination of spending and revenue that determines the size of the deficit-or surplus.

However, it doesn’t seem to occur to the media or other liberals that we could actually spend less money over the next decade and actually have a smaller deficit!

Now I admit, we haven’t seen much willingness by Congress to control spending. But at least it’s possible.