Sunday, December 19, 2010

Mark Thoma on the Bush Tax Cuts

As a comment on the Paul Krugman blog, Mark Thoma states:
Many Republicans are still playing starve the beast. The next step for the GOP is to use the deficit problems that are created by the tax cut legislation as evidence that government spending is out of control. The biggest target for cuts will be social insurance programs. I wonder how many people realize that the revenue loss from the tax cuts will be more than three times the shortfall in Social Security (the tax cuts to those making over $250,000 alone would eliminate the Social Security shortfall)?
The lies and hypocrisy of the Republicans are monumental. When will the American electorate awaken to the 30 years of travail and sorrow caused by listening to the siren song of trickle down economics?

The sad joke is that Republicans pander the lie that the Social Security deficit is a grave threat to the republic. But in this one act they have shown the lie. They have willingly embraced a debt three times bigger all in the name of "fairness" so that millionaires and billionaires can have "relief" from oppressive taxes just like the poorest of the poor.

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