Sen. Kent Conrad (D-N.D.) on Tuesday presented a budget proposal to Senate Democrats that calls for an even balance — 50 percent to 50 percent — of spending cuts and tax increases to reduce the deficit.
The emerging consensus on Capitol Hill is there should be at least $4 trillion in deficit reduction over the next 10 years. To meet that goal, Congress would have to increase tax revenues by $2 trillion over the next decade with an equal amount of spending cuts.
That's the same BS line they ran past G Herbert Walker Bush, and they mean it this time.Uh-huh.
The only question is "How many Republicans will fall for it?"
HT: Zippers
3 comments:
They got it past Reagan too... he left office waiting for the promised cuts by the Dem Congress.
I am more inclined to believe the Vedder (updated with Moore) analysis that showed no matter what statistical games you played with the number, the politicians always spent more than any tax increase. You give them a $1, they will spend more than that.
No tax increases. None. Zero. Zip. Zilch. Nada.
Sounds fair to me. Repeal the Bush tax cuts for upper incomes and institute some sort of PAYGO system which is triggered at some point in the future when unemployment falls to near it's natural rate.
If you still run short of the $2 billion/year revenue increases, lift the income cap on SS payroll taxes or raise the tax rate on upper incomes even higher. Whichever is easiest.
Of course, the best idea is to spend more and not worry about the deficit at all right now but apparently we don't care about 16% underemployment in this country so we might as discuss the least harmful scenario to our labor market which would be to tax rich people more.
Conrad is just trying to save his career. He is from a very red state and he knows his days are numbered, so he is trying everything he can to sound moderate or even conservative.
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