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Republican Fiscal Irresponsibility Continues

I’ve mentioned it before, but ever since I became of age to vote, Republicans have had a consistent track record of fiscal irresponsibility. Which is ironic given that they claim to be the responsible ones. This started with Ronald Reagan, whose policies created then-record deficits. His vice president and successor, George H.W. Bush, continued the same spending habits, racking up new record deficits. And George W. Bush was famous for profligate spending, tax cuts with no matching spending cuts, and unfunded mandates, such as Medicare Part D. He also established new deficit records.

This year, the Republican-controlled House of Representatives reserved the prime designation of H.R. 1 for the tax reform plan they intend to introduce. Get a load of the “plan:” lower the corporate tax rate from 35 percent to 25 percent, lower the tax rate for top individual earners from 39.6 percent to 25 percent, and don’t worry about how to pay for it.

See, the paying for it part is always left out of the Republicans’ plans. It simply isn’t important to them. The fact is, their track record indicates that they don’t really care whether their tax cuts are paid for–that’s beside the point.

Writing about Ways and Means Chairman David Camp’s plans to release details of a tax-reform package next week, the National Journal wrote:

Democrats say that plan did not contain specific ways to replace that lost revenue. The simple fact, according to Democrats, is that Republicans have not been able to make the math work—and to do what they want to do would add $5 trillion to the deficit.

On Thursday, Democrats said there was talk that Camp may have actually recently revised his own plan, so that his top rate may not be lowered below 30 percent, after all. But they say they expect gimmicks will be needed to pay for it, anyway. One big gimmick anticipated, they say, is expanding the Roth IRA, which could raise a lot of money now but cost a lot of money in the future.

All the Republicans ever have are gimmicks, time after time.

But don’t worry too much. The odds of such a plan actually getting introduced seems remote, since Republicans are afraid of doing anything in 2014 because the voting public might notice. As the National Journal writes, “With no chance of their plan being backed by Democrats in the House and Senate, many Republicans also do not want to draw any election-year focus away from their attacks on the Affordable Care Act.”

Yup. Your 2014 Republicans in action. Or not.

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Posted by on February 20, 2014 in Current Events, Politics

 

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