Jonathan V. Last

Bill Clinton got rid of the deficit, created a structural surplus, brought interest rates down to rock bottom levels. And he created so much headroom on the deficit that George W. Bush could blow up the deficit. Trump could blow up the deficit. Biden, to an extent, could blow up the deficit, and no one really paid a big cost for it. But that era seems to be over.

Bill Clinton got rid of the deficit, created a structural surplus, brought interest rates down to rock bottom levels. And he created so much headroom on the deficit that George W. Bush could blow up the deficit. Trump could blow up the deficit. Biden, to an extent, could blow up the deficit, and no one really paid a big cost for it. But that era seems to be over.

Bill Clinton got rid of the deficit, created a structural surplus, brought interest rates down to rock bottom levels. And he created so much headroom on the deficit that George W. Bush could blow up the deficit. Trump could blow up the deficit. Biden, to an extent, could blow up the deficit, and no one really paid a big cost for it. But that era seems to be over.

I'm not sure there is an economic free lunch where you can just keep issuing treasury debt. We want more people to borrow money to fund our deficits, and they'll just keep buying up those T-bills over and over again at any price. That doesn't seem to be the case anymore. So we don't know what's going to happen.

I'm not sure there is an economic free lunch where you can just keep issuing treasury debt. We want more people to borrow money to fund our deficits, and they'll just keep buying up those T-bills over and over again at any price. That doesn't seem to be the case anymore. So we don't know what's going to happen.

I'm not sure there is an economic free lunch where you can just keep issuing treasury debt. We want more people to borrow money to fund our deficits, and they'll just keep buying up those T-bills over and over again at any price. That doesn't seem to be the case anymore. So we don't know what's going to happen.

I don't want to say that there will be a huge crisis, but there might be, and we don't know, and it's highly risky. So on the politics, sometimes when I listen to your show and you guys talk about the past, I think, oh, this is why these guys used to be Republicans.

I don't want to say that there will be a huge crisis, but there might be, and we don't know, and it's highly risky. So on the politics, sometimes when I listen to your show and you guys talk about the past, I think, oh, this is why these guys used to be Republicans.

I don't want to say that there will be a huge crisis, but there might be, and we don't know, and it's highly risky. So on the politics, sometimes when I listen to your show and you guys talk about the past, I think, oh, this is why these guys used to be Republicans.

That's refreshing. That's right.

That's refreshing. That's right.

That's refreshing. That's right.

That's why you used to be Republicans.

That's why you used to be Republicans.

That's why you used to be Republicans.

It's nice to remind people. It's nice for us to flex the old muscles. It's nice to demonstrate to people that we haven't gone fully native. That's good from time to time.

It's nice to remind people. It's nice for us to flex the old muscles. It's nice to demonstrate to people that we haven't gone fully native. That's good from time to time.

It's nice to remind people. It's nice for us to flex the old muscles. It's nice to demonstrate to people that we haven't gone fully native. That's good from time to time.

When you put on those rosy glasses and remember the good old days, this is what I like to put on my old liberal Democrat hat. A reminder that George W. Bush didn't say he was going to give rich people a huge tax cut because he thought they were productive or they deserved to keep their own money. He just lied. He said, no, no, no, the poorest people are going to get the biggest tax cut.

When you put on those rosy glasses and remember the good old days, this is what I like to put on my old liberal Democrat hat. A reminder that George W. Bush didn't say he was going to give rich people a huge tax cut because he thought they were productive or they deserved to keep their own money. He just lied. He said, no, no, no, the poorest people are going to get the biggest tax cut.