The Dispatch Podcast The End of Fiscal Conservatism | Roundtable
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Jul 4, 2025 
Megan McArdle, a columnist at The Washington Post, and David French, former senior editor at The Dispatch, dive into the tumultuous waters of fiscal conservatism. They dissect Trump's ambitious Big Beautiful Bill and its implications for the national debt. The dialogue shifts to America's waning support for Ukraine and the troubling effects of political polarization on foreign policy. They also discuss the historical significance of America's 250th anniversary, questioning what it means for future governance and fiscal responsibility.
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Fake Tax Cuts Harm Economy
- The bill increases deficits massively, making so-called tax cuts fake because the cost is deferred to future years.
- Borrowing crowds out private investment, raising interest rates and harming economic growth.
Political Pressure Drives GOP Support
- Trump pushed the bill because letting tax cuts sunset would raise taxes significantly.
- Republicans fear primary challenges for opposing and thus support a flawed but politically necessary bill.
Debt Makes Tax Cuts Irresponsible
- High national debt ratio makes tax cuts that increase debt irresponsible.
- Fiscal responsibility and limited government must go together; current policies lack fiscal responsibility.