Sunday, January 11, 2009

Cut Taxes...Cut Taxes....Cut Taxes...Cut Taxes...Watch the Deficit

TW: Yada, yada, yada. The hypocrisy of the Republicans is depressing as usual and this time around perhaps literally. The Republicans have been facilitating massive federal budget deficits since Ronald Reagan. To me Reagan's most permanent (and damaging) legacy was the shattering of the notion of fiscal responsibility. Republicans speak a big game about cutting spending but NEVER do and in fact have watched spending explode to fund defense and wars. What the Republicans have done is cut taxes for the wealthy, thereby perpetuating massive deficits.

Now the PR machine is revving up. I actually despite my revulsion pay attention to several right wing sites in order try to avoid a Dem echo chamber effect. The Republican PR machine moves in lockstep efficiency. The themes are now apparent:

1) suddenly after 30 years of profligacy deficits matter
2) cut taxes massively and permanently

Those two themes manage a degree of cross-hypocrisy rarely achieved. First, did we hear about deficits from the Republicans in the 80's, NO. Did they vote for the Clinton budget in '93 that balanced the budget, NO. Did W. Bush care about deficits, most definitely NOT. But now...
now deficits matter kinda...

They matter if the Dems want to initiate stimulus spending to support demand when demand is cratering. But apparently it does not matter enough to avoid their ideologically hollow fetish for tax cuts for the wealthy. Understand Obama has proposed since the primaries a tax cut for the middle class and promises now to push for the cut. What the Republicans want is to enshrine W. Bush's tax cuts for the wealthy into perpetuity and slash most corporate tax rates also in perpetuity.

Recall Larry Kudlow's creed: "top earners are the economic activists...They’re the ones who buy the yachts, which are built by blue-collar workers...It is they who energize free-market capitalism"

How we would balance the budget after cutting taxes again by trillions is unanswered by the Republican PR machine (because we know once cut any move to reverse the cut would entail...tax increases!!! god forbid). But hypocrisy avoidance has never been a strong suit for the Republicans.

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