“The modern American right doesn’t care about deficits, and never did.”
By To elaborate on another of Krugman’s points, Chait’s recent Paul Ryan piece is good on Ryan’s use of a non-existent concern about “deficits” [during Democratic administrations only] to support the upward redistribution of wealth:
The persistent belief in the existence of an authentic, deficit hawk Ryan not only sweeps aside the ugly particulars of his agenda, it also ignores, well, pretty much everything he has done in his entire career, and pretty much everything he has said until about two years ago
[…]
“We noticed that the green-eyeshade, austerity wing of the party was afraid of class warfare,” Ryan said during Bush’s first term. “They fear increases in the debt, and they were overlooking issues of growth, opportunity, and free markets.” For those uninitiated in the tribal lingo of Beltway conservatives, this may sound like gibberish. But those inside the conservative subculture invest these buzzwords with deep meaning. “Green eyeshade” is a term of abuse appropriated by the supply-siders to describe Republicans who still cared more about deficit control than cutting taxes. “Growth” and “opportunity” mean tax cuts that disproportionately benefit the rich, and “class warfare” means any criticism thereof. Ryan’s centrist admirers hear his frequent confessions that both parties have failed as an ideological concession. What he means is that Republicans were insufficiently fanatical in their devotion to cutting taxes for the rich.
In 2001, Ryan led a coterie of conservatives who complained that George W. Bush’s $1.2 trillion tax cut was too small, and too focused on the middle class. In 2003, he lobbied Republicans to pass Bush’s deficit-financed prescription-drug benefit, which bestowed huge profits on the pharmaceutical and insurance industries. In 2005, when Bush campaigned to introduce private accounts into Social Security, Ryan fervently crusaded for the concept. He was the sponsor in the House of a bill to create new private accounts funded entirely by borrowing, with no benefit cuts. Ryan’s plan was so staggeringly profligate, entailing more than $2 trillion in new debt over the first decade alone, that even the Bush administration opposed it as “irresponsible.”