The GOP tax cuts will add at least $1.5 trillion to the federal debt over 10 years. However, gimmicks in the GOP tax plan may add $2 trillion to the federal debt balance. Guess what comes next? OK you guessed it. Republicans will use the ballooning federal debt level to "starve the beast". They will become advocates for fiscal austerity just as they have in the past when Democrats were in the White House. It won't be long before Republicans will be looking for cuts in mandatory spending which is short for cuts in Medicare and Social Security. In other words, the tax cuts will provide the justification for "starving the beast" which is the way that Republicans refer to government.
Populism has been on the rise in Europe as well as in the US. Globalization has been economically and socially harmful to many citizens who have been affected by the ability of multinational corporations to source capital and labor from the least expensive location. Corporate profits and stock prices are at all time highs, but wages and occupational security have declined. The implication is that we need stronger and more effective governments to deal with the impacts of globalization. Starving the beast is the last thing that governments should be doing if they want to maintain the benefits of democracy, personal freedom and national sovereignty in the face of globalization. The Republican Party is living in the dark ages that existed before FDR responded to the Great Depression by implementing the New Deal against opposition from Republicans who believed that the labor market would fix itself.
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