Bipartisanship is the solution to some problems, but it also helped create them. On the one hand, if you are a classical liberal with a strong preference for fiscal responsibility, bipartisanship generally gets you nowhere. Big Capitol Hill deals mean big spending. On the other hand, the only path to reforming the drivers of our current and future debt or making other important changes is through a bipartisan agreement.
Most people have an unmixed love for bipartisanship. Who can blame them? It conjures ideas of collegiality and sensible legislators joining forces to get the job done harmoniously. After years of polarized politics bleeding into our personal lives, who doesn’t welcome collegiality? Besides, we have big problems that require big solutions that won’t be achieved without agreement across the aisle.
Think about it this way: The federal government’s debt is now $31 trillion. That’s 31 followed by 12 zeros. Because Uncle Sam has spent so much, he must borrow about as much wealth as we produce yearly. Unfortunately, however, that’s just the beginning. Even if no new programs are created, by 2040 our debt will be 132% the size of our gross domestic product, on its way to 185% in 2052.
