The neutering of the GOP deficit hawks

[John Williams]

Here are the first three paragraphs of a Guardian story today:

Donald Trump is on course to push US debt levels above those of Italy and Greece by the end of the decade after wide-ranging tax cuts and increased defense spending, according to International Monetary Fund (IMF) forecasts.

Illustrating the rising debt levels in Washington and efforts made by Rome and Athens to bring spending under control after the 2008 financial crash and Covid-19 pandemic, the IMF predicts the US will see its debts climb from 125% to 143% of annual income by 2030, while Italy’s will flatline at about 137%.

Greece is on track to cut the ratio of debt to gross domestic product (GDP) from 146% to 130% over the same period. According to IMF data, Athens has tackled a budget overspend that raced to 210% as a proportion of GDP in 2020.

The outrage from the usual GOP deficit hawks is so deafening that you can’t even hear it.