Bye-bye balanced budget.
Such moves may or may not help jump-start the sputtering economy. But they will virtually guarantee a return to the era of structural budget deficits. That may be the most far-reaching economic implication of yesterday's unexpected Republican sweep. We are now blessed with a Congress and executive branch devoted to the proposition that the government should spend, but not tax. (And what's more, it shouldn't try too hard to collect the taxes that are owed, especially if they're owed by companies or the cheating wealthy.)