Max Abelson at Bloomberg reminds us that only a few short years ago, all the “serious people” on Wall Street were demanding that President Obama just had to cut entitlements to save America from economic collapse brought on by massive budget deficits. Unfortunately for the unity of the Democratic Party, Obama bought this line. Fortunately for America, the cuts were never made, largely because no one in Washington, Republican or Democrat, actually wanted to make the cuts, except the president himself, though the Tea Party folks did love to scream about them.
Well, what about all those serious folks on Wall Street? What do they want now? As Max points out, they’ve forgotten all about the “dangers” of deficit spending. They just want some big, fat tax cuts—for themselves, you understand, not for you—and deficits be damned.
Makes you think, doesn’t it?
