What Political Party has been Fiscally Irresponsible?

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The GOP used to brand itself as the party of fiscal responsibility in contrast to the "tax and spend" Democrats. We have to keep reminding ourself that the GOP, which is attempting to rebrand itself as the fiscally responsible party, has since Ronald Reagan been the fiscally irresponsible party. Krugman provides graph that illustrates what has happened to budget deficits since the 1980's. Reagan invented the idea of cutting taxes and increasing spending by using debt instead of taxes to pay for his spending. Bush Jr. did the same thing and Cheney told him not to worry about deficits since Reagan proved that they did not matter electorally. Of course, now that Obama is saddled with an economy that provides reduced tax revenue, the GOP is working as hard as it can to use the resulting deficits as an electoral weapon. This is a party without shame.