About 10 years ago, Vice President Cheney supposedly declared that “Reagan proved deficits don’t matter” as the administration moved us from the surplus at the end of the Clinton administration to the deficits of the Bush administration. Then a few days ago Mr. Cheney realized deficits do matter .

At first I was a bit confused. But then I realized, the difference. When a Republican run a big deficit, it doesn’t matter. But if a Democrat does it, it is terrible. This is true even if the Democrat inherited much of the deficit from his Republican predecessor.

We should all be grateful that this is cleared up at last and that we have a two party system to guide us through this difficult time.