Tom Firey: How the GOP won the tax battle ... but lost the war on big government

In his acceptance speech for the 1984 Democratic presidential nomination, Walter Mondale made a bold promise: He would raise Americans’ taxes and cut the federal deficit. His justification: “These deficits hike interest rates, clobber exports, stunt investment, kill jobs, undermine growth, cheat our kids and shrink our future.” That year, the deficit was $185.4 billion  and the national debt was $1.57 trillion — quaint numbers compared to today’s $1.1 trillion  and $16.2 trillion.

By TOM FIREY

November 21, 2012