Deficit shrinks in the first year of Joe Biden's presidency

When it comes to the deficit, Americans have endured a remarkably consistent pattern for four decades.

It starts with a Republican presidential candidate denouncing the deficit and vowing to balance the budget if elected. That Republican then takes office, abandons interest in the issue, and expresses indifference when the deficit becomes vastly larger. Then a Democrat takes office, at which point GOP lawmakers who didn't care at all about the deficit suddenly decide it's a critical issue that the new center-left president must immediately prioritize.

During the Democratic administration, the...