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“Those who seek absolute power … are simply demanding the right to enforce their own version of heaven on earth. And let me remind you, they are the very ones who always create the most hellish tyrannies.”
— U.S. Sen. Barry Goldwater, in his acceptance speech for the Republican presidential nomination in 1964
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Yes, there was a day when Republicans were committed to limited government, state’s rights and individual freedoms. And they fiercely opposed government deficits.
During my lifetime, there was no Democrat more vilified as a “reckless big spender” than President Lyndon Johnson, who was determined to fund an expanding war in Vietnam while launching his “Great Society” featuring Medicare, Medicaid and a host of antipoverty programs. Overall, his deficits averaged $12.4 billion, or 0.8% of our gross domestic product (GDP).
This grew to 2.2% of GDP when President Ronald Reagan assumed office in 1981 and nearly doubled during his term to 4%, largely as a result of massive tax cuts for the wealthy. Now, after further tax cuts for the wealthy by Presidents George W. Bush and Donald Trump (during his first term), that figure has risen to 6.7%. Overall, our national debt has increased from $908 billion when Reagan took office to more than $36 trillion today, an increase of 3,864%.