The Real Debt Threat: Government Spending, Not Tax Cuts

The Real Debt Threat: Government Spending, Not Tax Cuts

Larry Summers recently claimed on X that Republican tax policies — specifically the One Big Beautiful Bill (OBBB) pushed by Trump and congressional Republicans — are a major reason why the US is headed toward a debt crisis. He even revived his favorite 40-year claim that “the economy performs better under Democratic presidents.” Let’s be blunt: that’s nonsense. Summers is ignoring the actual root of the crisis — runaway spending by both major pa…