For a long time, the only Republican solution to any problem has been tax cuts, tax cuts, and more tax cuts. Ronald Reagan initiated this policy poverty with his Economic Recovery Tax Act in 1981. He set off the current era of huge budget deficits and growing national debt, which Bill Clinton solved with a modest tax increase and careful governance, only to have George W. Bush push tax cuts in good, Republican fashion, even as he started two wars.

Barack Obama did his best to staunch the fiscal bleeding, over stiff resistance from Republicans. He was not able to reproduce Clinton’s feat…