But deficits are good for us

After decades of warring against big government, the Republicans strategy has been, since Reagan, to spend the national treasure (of future generations) like hookers with stolen credit cards. This forces the Democrats to come in and clean up their mess, taking the heat for "fiscal conservatism" and higher taxes. The next Democratic Administration will be no different. Except if the Democrats are smart enough to only raise taxes on the rich, only confiscate wealth transfers through estates (see William Gates, Sr., Wealth and Our Commonwealth : Why America Should Tax Accumulated Fortunes) and target budget reductions on traditional Republican pork-barrel. Oh, going after the massive fraudulent contracts given out by Bush to his corporate buddies in Iraq will help too.

Washington Post: Deficit Delusions

"NEXT YEAR'S DEFICIT is on course toward an ugly milestone -- nearly half a trillion dollars -- but that's not the bad news. The bad news, as a report from the Congressional Budget Office makes clear, is that budget deficits -- big ones -- are here to stay under the Bush administration's economic plan. The administration would have everyone stop worrying because, it assures us, spending discipline and robust economic growth will cut the deficit in half by 2008. But a close look at the CBO estimates shows that the more likely picture is annual deficits around $400 billion for the next decade, piling on more than $4 trillion in debt through 2013..."