I agree that deficit spending can be useful in some circumstances, but I think it should be more like a last resort rather than a first port of call. Otherwise, how can you argue against the reductio-ad-absurdum that all spending should be deficit spending?
> [I]t should be more like a last resort rather than a first port of call.
The obvious retort is that if all spending were deficit spending, people would stop lending us money. Rather than attaching unnecessary ideological baggage to tax policy, we should do the math. When deficit spending is cheap, we should exercise it. When it's expensive, taxes are wiser.
