Found Via Eschaton

One of the most blatant paradoxes of today's Republican party is how they like to scream and moan about deficit spending but that the moment anyone mentions that increasing revenues would address the problem they utterly clam up. The following article is a long read but it explains clearly the History behind this particular brand of doublethink: PDF File The money quote comes from Milt Friedman:

There is an important point that needs to be stressed to those who regard themselves as fiscal conservatives. By concentrating on the wrong thing, the deficit, instead of the right thing, total government spending, fiscal conservatives have been the unwitting handmaidens of the big spenders. The typical historical process is that the spenders put through laws which increase government spending. A deficit emerges. The fiscal conservatives scratch their heads and say, “My God, that’s terrible; we have got to do something about that deficit.” So they cooperate with the big spenders in getting taxes imposed. As soon as the new taxes are imposed and passed,the big spenders are off again, and there is another burst in government spending and another deficit. (1978b, 11)