Today’s article in a Forbes
Magazine oped contributor blog post describes how the current GOP tax bills are “the end of GOP economic sanity” and goes through a long list of problems that would never have been inflicted on the US populace before:
“There’s no economic justification whatsoever for a tax cut at this time. U.S. GDP is growing, unemployment is close to 4 percent (below what is commonly considered “full employment“), corporate profits are at record levels and stock markets are soaring. It makes no sense to add any federal government-induced stimulus to all this private sector-caused economic activity, let alone a tax cut as big as this one.”
After going through a list of problems it will cause, such as high inflation which monetary policy will no longer be able to affect, they come to this:
- Without massive cuts in Social Security, Medicare and the Pentagon, it won’t be possible to reduce federal spending enough to do more than tweak the deficit.
And there it is. The only option that will be available to ameliorate the significant problems these tax cuts will cause is to cut these parts of the budget. None of the other options is feasible. And the Pentagon budget is sacrosanct. That leaves Social Security and Medicare.
This was a goal of the invasion of Iraq- explode the debt and deficit to the point where cuts to entitlements are the only solution. But that was staved off with a democratic president. And now we are back to square one. Only this time the super rich get a massive windfall in the bargain.
This is what they have wanted for decades. They have had their eyes on the prize and they see it getting closer and clearer. This won’t be an unintended consequence- it is the plan. The goal.
And the gall to try and sell a measly tax cut of a few hundred dollars as a boon for the “middle class”.
I’m sure Democratic legislators are well aware of this. My question- is it taboo for them to engage on this subject?
This is a Creative Commons article. The original version of this article appeared here.