Paul Krugman savages Paul Ryan, and rightfully so. He then goes on:
“But these big tax cuts would blow a multitrillion-dollar hole in the budget, so Republicans have been scrambling to find “pay-fors” that limit the addition to the deficit. What they came up with was a hodgepodge of stuff: ending deductions for some state and local taxes, limiting deductions for mortgage interest, phasing out child tax credits, and so on.
Since the point of these measures is to offset tax cuts for the rich, they will, more or less by definition, end up raising taxes on large numbers of middle-class families.Will this bill pass the House? Unclear: Some important interest groups, like homebuilders and the small-business lobby, have already declared opposition. In any case, it almost surely can’t become law in anything like its current form: A tax bill can’t pass the Senate with less than 60 votes if it raises the long-term budget deficit, which this bill surely does. In fact, this bill might not even get a simple Senate majority.”
Read the whole thing, not surprisingly, its brilliant, but easy to understand.
Here are the top comments, all of which I approved:
gemli is a trusted commenter Boston 14 hours ago
Professional wrestlers put on a more convincing show than these Republican millionaires as they try to convince the rubes that they’re looking out for a bunch dumb poor people whose health care they recently tried to destroy. People who believe a single word Ryan and his henchmen say about this “plan” deserve to have their pockets picked.
Government is supposed to protect us from thieves, liars and con men, not hold us down while they skin us alive. But we’ve got a professional scam artist for president and a cadre of self-serving, bible-thumping hypocrites looking for any excuse to steal from the poor to give to the rich.
I suppose they felt emboldened after so many millions of people put an idiot in the White House. No grifter worth his salt would fail to take advantage of people so clueless that they couldn’t tell the difference between presidential and pestilential.
Our only hope is that enough people like Dr. Krugman and the few decent souls who remain in what’s left of this tattered government shine a light on this dark deal and make the saps understand what they’re in for.
On a side note, Where Are The Democrats? They’ve got to make some noise about this. It’s got to be loud, nasty and continuous. At this point, I don’t know what they’ve got to lose.
Socrates is a trusted commenter Downtown Verona NJ 13 hours ago
We have met the enemy, and it’s Republican.
If you were going to charge $1.5 trillion to the national credit card (because you didn’t have any money), it would be a could idea to spend that money on something productive…like roads, tunnels, bridges, trains, infrastructure, research & development, education, healthcare — items that fuel the economy and make it function better in this ultramodern age.
Spending it on millionaires and rich corporations – which the GOP plan does -who will pass the savings on to a few wealthy shareholders, will accomplish mostly one thing – an explosion of national debt, accompanied by an explosion of debt interest payments and a spike in interest rates that will depress the economy.
If you’re a fan of Greece’s huge national debt, then you’ll be a fan of the GOP’s explode-the-debt plan.
The Republican $1.5 trillion explode-the-debt tax cut plan will put the national debt on GOP steroids.
Under existing tax law, national debt is set to grow from a post-World War II era high of 77% of GDP to 91% by 2027.
With the GOP’s proposed explode-the-debt millionaire tax cut, which would cost about $1.8 trillion after interest costs, national debt would instead reach 97% of GDP in 2027 and equal the size of the American economy by 2028.
Who cares about bankrupting the country when you’ve got a confident Bankruptcy-Filer-In-Chief leading the charge over the reckless cliff ?
Greedy and Stupid is no way to run a nation, and a good way to bankrupt it.
KJ Portland 13 hours ago
They want to create a huge deficit so they can privatize social security and destroy medicare.
Ryan is a libertarian. Good government is no government.
They want to kill the New Deal.