It seems whenever we have a national election that results in a change of administration, the federal policy that drives our yearly budget does a complete flip: Carter to Reagan; G.W. to Obama; Trump to Biden; now back to Trump.

At least since Reagan, Republicans have stressed tax cuts and supply-side economics; Democrats typically responded with a version of the Keynesian model calling for government stimulus programs. Each was responding to the economy they inherited; they all turned a wary eye toward the national debt.