Monday, April 28, 2008

A Truth Exercise

Though most of us who have watched this occur realize it, today Paul Krugman spells out something I think we want to sit back and look at.

According to the nonpartisan Tax Policy Center, the overall effect of the McCain tax plan would be to reduce federal revenue by more than $5 trillion over 10 years. That’s a lot of revenue loss — enough to pose big problems for the government’s solvency.

But before I get to that, let’s look at what I found truly revealing: the McCain campaign’s response to the Tax Policy Center’s assessment. The response, written by Douglas Holtz-Eakin, the former head of the Congressional Budget Office, criticizes the center for adopting “unrealistic Congressional budgeting conventions.” What’s that about?

Well, Congress “scores” tax legislation by comparing estimates of the revenue that would be collected if the legislation passed with estimates of the revenue that would be collected under current law. In this case that means comparing the McCain plan with what would happen if the Bush tax cuts expired on schedule.

Mr. Holtz-Eakin wants the McCain plan compared, instead, with “current policy” — which he says means maintaining tax rates at today’s levels.

But here’s the thing: the reason the Bush tax cuts are set to expire is that the Bush administration engaged in a game of deception. It put an expiration date on the tax cuts, which it never intended to honor, as a way to hide those tax cuts’ true cost.

You know those cutoffs were not going to happen if the permanent GoPerv majority happened - but if enough stupidity could be induced by misinformation, and we did keep war criminals in power, this is what would happen.

What would make anyone want to end the American prosperity we all grew up with? What I think is not what I want you to think.

I am not going to give that answer.

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Blogger k said...

I know what I think, but what do YOU think?
I just don't understand why.

7:18 AM  
Blogger Ruth said...

In the Great Depression, a lot was bought up by the very rich. I think that is happening again. And the oil industry is benefiting financially. But worldwide starvation is also occurring. And I just cannot believe such inhumanity is possible.

9:25 AM  

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