Deficit caused by post-bubble slump

This is what Dean Baker has been arguing.

On the Economics and Politics of Deficits by Krugman

He links to Evan Soltas and Joe Weisenthal.

But They Will Always Smash It On The Floor by Duncan Black

But Republicans will inevitably see a balanced budget as an opportunity to give money to rich people (tax cuts and crony capitalism). The reward for liberals for this well done very important work? Tax cuts for rich people and unpaid for disastrous wars. 

Liberals should spend their time in office figuring out how to implement a sticky liberal agenda, one which is hard to dislodge, not figuring out how to create a pot of money for Republicans to steal when it is their turn.

(via DeLong)

My comment in response to "bakho:"

Excellent point about the cut to the capital gains tax rate. The primary cause of the deficit is the post-housing bubble slump. The real arsonists are the ones who paved the way for the bubble. The real deficit "hawks" are those pushing more pro-growth stimulus like short-term government spending and expansionary monetary policy.

 See Shinzo Abe Lincoln and his demand management policies. (Pro-growth stimulus is sort of redundant. I guess tax cuts are't pro-growth stimulus???)