Thursday, October 14, 2010

To Extend or Not to Extend

The GOP has a plan on taxes.  Extend the Bush era tax cuts, which the GOP originally voted to expire at the end of this year, permanently.  They offered no cost estimate of this plan.  Fortunately, the non-partisan Congressional Budget Office did.  They reported that the plan would add close to $3.9 trillion to the national debt over the next 10 years, as well as increase interest payments on the debt by $950 billion.
My question for the Republicans is quite simple: if you are so incensed by deficits, how could you possibly support this option?  If you believe that this tax cut will generate a matching amount of revenue because of increased economic activity, I would respectfully ask for a reference to the economist(s) who back that claim.  If you believe that spending could be cut in order to balance out the reduced revenue, please outline exactly those cuts that equal $3.9 trillion over the next 10 years.  Can you do it without using the tired, nondescript scapegoats of “waste” and “abuse”?
The Democrats also have a plan.  They’ve made the tough choice of extending the Bush era tax cuts to only 98% of the population, thereby adding close to $3 trillion to the national debt over the next 10 years (to be read in a sarcastic tone).  The bravery of such a decision is apparent…until you consider that they were too afraid to campaign on it.

Everyone is in favor of making tough choices in theory, and solidly against tough choices in reality.  Sacrifice is the other guy's problem.
We’ve got quite a group of professionals working the hallowed halls of power, don’t we?  I am pretty sure we do not need a witch in Congress (thank you anyway, Christine O’Donnell), but a magician might be a good idea.

No comments:

Post a Comment