Thomas G. Donlan explains in his latest Barron’s column that the budget plans put forward by U.S. Senate Democrats and House Republicans are “aspirational,” meaning that no one really expects either plan to be enacted. Still, Donlan finds value in analyzing the priorities both parties have embedded in their budget proposals.
Making a budget for the United States is like making a New Year’s resolution, except that the process of resolving and repudiating goes on all year. Officials tell themselves hopeful lies, though of course with only the best intentions. …
… Measured by fidelity to party principles, the Senate Democrats’ fiscal plan is more forthright. But their budget resolution is not faithful to economic reality. Holding on to every promise they have made for 80 years and guaranteeing more good stuff for another 80 years is flat out impossible.
As the Republican plan says, “Without reform, entitlement programs will overwhelm all other items in the federal budget. And the resulting national debt will overwhelm our economy.”
