GOP “Budget Alternative”: No Details Except Massive Tax Giveaway to the Rich
Angry at Democrats for calling them the “Party of No,” and rising to Pres. Obama’s challenge to present an alternate budget instead of just criticizing his, today the Republican Party unveiled—-NOTHING. Even friendly reporters kept asking for details. No projections of deficits. No details on what would be cut or how the essential services would be funded. Zip. Nada. Zilch. No ideas.
Oh, wait. There was one concrete proposal: To cut the top tax rate from 35% (one of the lowest in the industrialized world) to 25%! That’s it. A huge tax giveaway to the wealthiest of Americans–the only ones who AREN’T hurting from this recession. How would this be paid for? No answer. You know why? Because it cannot be answered:
To pay for that HUGE revenue loss, the government would essentially have to shut down. You couldn’t run the government for a month on that loss of revenue. You think we have crumbling infrastructure NOW, you wait until that kicked in. The military would run out of bullets in a year with that budget. OR, we’d borrow even more than now. Except that no one, not China, not Europe, not India, NO ONE would loan the U.S. dime one with a “budget” that had no revenue projections, no details of any kind but proposed such a MASSIVE tax giveaway to the very people who put us into this mess in the first place. In fact, they would call their markers due and we’d go into complete Great Depression II overnight.
The Republicans also know this is a farce because they know it has no chance of getting past Congress. The Bush tax cuts will be repealed which will take the top tax rate up to 39%–the rate of the Clinton years. In the Eisenhower years, when we had the largest U.S. middle class, the top tax rate was 90%!
And don’t talk to me about deep-cutting the government. Wrong, the history of tax cuts shows that it seldom, if ever, cuts govt. It just has to be paid for later with bigger tax increases.
The GOP truly is the Party of NO NEW IDEAS.
UPDATE: Senate Guru notes that the GOP apparently gave the writers of South Park an advanced copy of their “budget.” I’ve reproduced it below.:
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