[campbellcj]

In my view, Tax and Spend policy is at least as harmful -- ceterus parabus (i.e. equal economic conditions at the starting point) higher private-sector unemployment will result, but possibly be countered to some degree by public-sector bloat. With our "American Dream" tendancy to buy-now, pay-later, even greater borrowing will take place at the individual citizen level to "make up" for the lost spending power due to increased taxation. Once accustomed to a certain standard of living or spending level, Americans don't seem to adjust "downwards" very easily!

In other words, I think it has become an inherent behavior of our society to borrow and spend beyond our reach, regardless of the particular administration or economic policy in place at the time. As mentioned above, a given federal administration, in historical terms, can't really effect much meaningful change in the macro economy or socioeconomic behaviors. Those changes take place over decades if not longer...