Quote:
Originally posted by Spanky
Cite
My guess is he said that deficits were good in a recession. But if he said that deficits never matter then he was wrong but I am almost absolutely sure he never said that.
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He said it to Paul O'Neill, as O'Neill recounted in his book.
The
context is that Cheney responds to O'Neill's arguing against a second round of tax cuts during the GWB administration by saying: "You know, Paul, Reagan proved that deficits don't matter. We won the mid-term elections, this is our due." Notably, Cheney has since denied saying this.
Despite such perfunctory denials, no doubt aimed at the foreign capital markets who would be horrified at an official policy to this effect,
many in the Republican orthodoxy have embraced the concept with both arms and given it a big ol' sloppy one. So drink up, Spanky! Next one's on me! (And you. And our kids. etc.)
