Maybe that first gigantic deficit the Reaganites piled up was an accident just a combination of deluded 'supply side' tax cuts and a huge bag of good stuff for the Pentagon. But pretty quickly conservatives discovered that deficits when done correctly did something really cool: deficits defunded the Left.

Barack Obama's life was so much simpler in 2009. Back then he had refined the cold act of blaming others for the bad economy into an art form. Deficits? Blame Bush's tax cuts. Spending? Blame the wars in Iraq and Afghanistan. No business investment? Blame Wall Street.