1.   He was an outspoken foe of big government who watched the federal deficit balloon to record levels during his eight years in office.

2.   Likewise, Republicans ignored evidence to the contrary and depicted all Democrats as liberal spendthrifts who would expand government, raise taxes and make the deficit balloon.

3.   The tax cuts explode in future years, making the deficit balloon despite GOP promises to balance the budget.

4.   Until we come to grips with this unassailable fact, Madrick insists, the economy will continue to falter while the deficit balloons.