Fraudulence of the Fiscal Hawks

In 2011, House Republicans, led by Paul Ryan, issued a report full of dire warnings about the dangers of budget deficits.

.. Citing the horrors of big deficits, Republicans refused to raise the federal debt ceiling

.. How big were these horrifying deficits? In the 2012 fiscal year the federal deficit was $1.09 trillion. Much of this deficit, however, was a direct result of a depressed economy

.. If anything, we should be using this time of relatively full employment to pay down debt, or at least reduce it relative to G.D.P.

.. They are providing more stimulus to an economy with 4 percent unemployment than they were willing to allow an economy with 8 percent unemployment.

.. Republicans weren’t just vehemently opposed to fiscal stimulus; they were also vehemently opposed to monetary stimulus. Basically, they were against anything that might help the economy on President Obama’s watch.

.. imposing austerity in a depressed economy, then running up the deficit when we’re already near full employment