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  1. #1
    Super Moderator GeorgiaPeach's Avatar
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    Half-baked ‘low-tax socialism’ is getting us a whole progressive hell

    Half-baked ‘low-tax socialism’ is getting us a whole progressive hell

    November 30, 2018

    Daniel Horowitz


    It feels like only yesterday that I was writing policy statements for candidates running in the “tea party year” of 2010 stating the shocking fact that we had reached $13 trillion in debt as a nation so quickly. Republicans indeed succeeded in winning back the House at the end of the year, they won back the Senate in 2014, and they controlled the trifecta for the past two years. Now, the debt stands at $21.8 trillion, an increase of over $8 trillion in just eight years, and the trajectory is about to explode. Isn’t it time we finally ask what Republicans actually stand for other than low-tax socialism?


    Not only do Republicans have a big decision to make on immigration in the final budget with control of the House, they also must confront the debt crisis they made worse rather than helped. The debt has grown $8 trillion since they took over the House, $3.8 trillion since they took over the Senate, and even $1.9 trillion just in the 22 months of trifecta control. Most of the growth (roughly 88 percent) in debt has come from the public share of the debt, not the so-called debt we owe ourselves. President Trump’s Office of Management and Budget introduced budgets cutting billions in spending, yet Congress went in reverse and increased spending in every category the president promised to cut. Sadly, the president’s veto pen is gathering dust.


    Just for the first month of this fiscal year, the deficit topped $100 billion, on pace to easily bring back the trillion-dollar deficits of Obama’s first term. And to be fair, that was during a great recession. Now we have the most robust job growth since the late ’60s. Where’s the deficit coming from? Revenues were actually up $17 billion relative to last October. However, spending increased by $55 billion this October relative to October 2017. Annually, Republicans increased spending by $136 billion in FY 2017 over Obama’s last year in office and another $127 billion on top of that in FY 2018.


    While the tax cuts obviously reduced some revenue that we would have received had rates remained the same, given the growth in the economy, we still took in more money last year than the year before. Even if you isolate the 10-month period since enactment of the tax cuts – January 2018 through October 2018 – and compare it to the equivalent 10-month period in calendar year 2017, we are actually $2 billion ahead on the revenue side. Again, revenues would have been higher on the corporate side if not for the tax cuts, but there is evidence that much of the increase in payroll tax revenue was due to job growth, which was fueled, in part, by the tax cuts themselves. The culprit is the spending, which has increased by $138 billion over the past 10 months.


    We are now at the point where despite robust economic growth, the current dollar GDP of our entire economy is $20.66 trillion, almost $1.2 trillion smaller than the size our debt! Our debt will remain larger than our entire economy in perpetuity. According to some estimates, in 30 years from now, the debt will be over 175 percent of GDP, which is where Greece is now.


    Yet rather than discuss any plan to cut spending and actually reduce the harmful footprint of government in the private economy, Republicans are talking about another tax package and more spending, totaling $54.7 billion. Tax cuts are good, but at some point, we’ve crossed the Rubicon where, if all Republicans do when in power is cut taxes, but at the same time they increase spending rather than cutting it, the tax cuts become counterproductive in many ways. Like many things in life, you can’t half-ass free market doctrine by having low taxes but keeping socialist programs and market interventions in place, because the mix of the two breeds crony capitalism/venture socialism at the corporate level and creates dependency among individuals without exposing them to the pain of higher taxes that are endemic of European socialism.


    Until now, the low tax doctrine has been worthwhile, but any continued effort to only cut taxes while continuing to increase spending is counterproductive both policy-wise and politically.


    In terms of policy, the debt is reaching a tipping point, because next year we will spend as much money just on interest as we spend on Medicaid. In five years, it will surpass military spending. The dead weight and misallocation of investment in the debt and treasury bonds is crowding out private investment and is ensuring that, despite the job growth, we are not realizing economic growth commensurate with the job market like we saw in the late 1990s and late 1960s. The more we are desperate to service the debt, the higher the interest rates will rise, which will attract even more investments into treasury bonds and away from private investment, creating a perpetual death spiral of more debt, higher interest rates, increased debt payments, and less private investment.


    Which brings us to the political problems. Republicans are planning to lock in the spending levels of the FY 2018 omnibus, pass a massive $900 billion farm bill that has Obamacare-style market distortions of land and crop use and food stamps and more extra money on disaster spending – but all mixed together with a “tax extenders” package full of special interest credits for big businesses. This pattern of low-tax, high-spending socialism is creating the perfect climate for corporate bosses to use low taxes as their nourishment to then turn around and serve as the enforcers of cultural and economic Marxism for the Left on every other issue. The moral of the story is that you can’t half-bake free markets. It’s time to force Republicans to pick sides – either they support all of Coolidge’s free-market policies, or we will give them the full Bernie Sanders.


    Corporate America has become the number one enforcer – even more effective than the media and academia – in promoting open borders, endless Middle East migration, weak-on-crime laws, anti-religious liberty policies, mindless multiculturalism, and the transgender agenda. Even on fiscal issues, they support the welfare state, Obamacare, and all the regulations that help them shut out competition. The one missing component from the Democrat portfolio is the tax issue. If the corporations empowered Democrats on that issue too, they couldn’t survive. Thus, they feast off the Republican lifeline against Democrats raising taxes so that they can promote the rest of the progressive agenda. And remember, government-run health care is the single biggest driver of our debt, and that is being fueled by big business.


    The package of tax extenders Republicans plan to pass costs $54.7 billion together with more disaster spending. There are a number of handouts, such as the biofuels blending credit and handouts for electric cars, Big Wind, and NASCAR in the bill. Then there is the farm bill, which is the Obamacare of agriculture.


    It’s time we promote free market reduction of government market interventions along with the tax cuts or no tax cuts at all. Trump needs to use his veto to enforce his budget proposals in addition to his immigration agenda. We need to plow forward with a holistic view of conservatism – fiscal, cultural, and security – as one unit. Split-the-baby conservatism leads to nothing but a perfect, holistic progressive hell.


    https://www.conservativereview.com/news/half-baked-low-tax-socialism-is-getting-us-a-whole-progressive-hell/

  2. #2
    Senior Member Judy's Avatar
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    "Plow forward"?? With what? Republicans no longer have a plow. Republicans just lost control of the US House of Representatives which means we lost control of everything related to passing bills, spending or otherwise. I swear, these conservatives act and write like they're living in a bubble somewhere and don't understand what losing elections means. It means we can't start anything, all we can do is stop stuff, i. e. gridlock which means nothing good can or will happen now through Congress. The good stuff now is whatever Trump can and will do on his own, which could still be a lot, it just could have been so much more for our country and citizens if Republicans had won the mid-terms and won them big.

    A real shame.

    So Daniel, you'll need to go beat up on the people in charge now, which are the DemoQuacks.
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    Senior Member stoptheinvaders's Avatar
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    Quote Originally Posted by GeorgiaPeach View Post

    Not only do Republicans have a big decision to make on immigration in the final budget with control of the House, they also must confront the debt crisis they made worse rather than helped. The debt has grown $8 trillion since they took over the House, $3.8 trillion since they took over the Senate, and even $1.9 trillion just in the 22 months of trifecta control.
    Another great article by Daniel Horowitz
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  4. #4
    Senior Member stoptheinvaders's Avatar
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    Quote Originally Posted by Judy View Post
    "Plow forward"?? With what? Republicans no longer have a plow. Republicans just lost control of the US House of Representatives which means we lost control of everything related to passing bills, spending or otherwise. I swear, these conservatives act and write like they're living in a bubble somewhere and don't understand what losing elections means.
    Daniel is pointing out the R's had the plow and used that plow to dig us deeper in debt.
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  5. #5
    Senior Member Judy's Avatar
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    Daniel is wrong about that. It wasn't Republicans who pushed us further into debt, it was the DemoQuacks. So his article is a gross misrepresentation of the truth and the facts, even though he includes some of the facts and data that proves the inaccuracy of his article right in the article. It's like reading Wack-O-Doodle News.
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  6. #6
    MW
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    Quote Originally Posted by stoptheinvaders View Post
    Daniel is pointing out the R's had the plow and used that plow to dig us deeper in debt.
    Yes they have. Very disappointing, to say the least.
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  7. #7
    Senior Member Judy's Avatar
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    What did Republicans do to plow us deeper into debt?
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    MW
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    Remember When Republican Leaders Thought the National Debt Would Cause the Apocalypse?

    Now that they put us on the path towards $33 trillion in federal debt within the decade.


    BY JACK HOLMES

    APR 9, 2018

    It's a fool's errand to point out the Republican Party under Donald Trump is capable of gobsmacking hypocrisy. Yet the latest report from the Congressional Budget Office, via The New York Times, on the national debt cannot go unremarked upon. The Party of Fiscal Responsibility has overseen a legislative agenda since taking control of both Houses of Congress and the White House that will balloon the debt and deficit to new levels.

    The Republican tax "reform" bill drastically cut revenue, primarily to benefit corporations and the rich. That will mean $1.9 trillion less flowing into the Treasury's coffers over the next 11 years. The subsequent $1.3 trillion spending bill drastically increased both military and non-military outlays. The result is not pretty:
    The national debt, which has topped $21 trillion, is expected to soar to more than $33 trillion in 2028. By then, debt held by the public will almost match the size of the nation’s economy, reaching 96 percent of gross domestic product, a higher level than any point since just after World War II and well past the level that economists say could court a crisis...

    [IMG]https://hips.hearstapps.com/hmg-prod.s3.amazonaws.com/images/laugh2-1523304495.jpg?crop=1xw:1xh;center,top&resize=480: *[/IMG]



    Getty Images
    ...This fiscal year, which ends Sept. 30, the budget deficit is expected to total $804 billion, up from $665 billion last fiscal year, according to the C.B.O. projections. In a decade, the red ink is expected to reach $1.5 trillion.

    The pieces here are not hard to put together: when you take less money in and spend more, you're going to have bigger problems. The Democrats went along with the spending bill, so they'll have to share some portion of the blame if and when the debt level reaches 96 percent of our gross domestic product (GDP)—that is, when the debt is basically the size of our entire economy.

    But it's Republicans who spent the eight years before the Rise of Trump discussing debt in apocalyptic terms. They even opposed a stimulus bill at the height of the Great Recession in 2009 on the basis it was too lavish. To refresh your memory, here are some of the Republican Party's leaders proudly preaching Fiscal Responsibility.

    Senate Majority Leader Mitch McConnell


    [IMG]https://hips.hearstapps.com/hmg-prod.s3.amazonaws.com/images/mcconnell-1523304545.jpg?crop=1xw:1xh;center,top&resize=480: *[/IMG]



    Getty Images

    “Yesterday the Senate cast one of the most expensive votes in history,” Senator Mitch McConnell said about the 2009 stimulus. “Americans are wondering how we’re going to pay for all this.”

    Speaker of the House Paul Ryan

    Via the L.A. Times:
    The "red tidal wave of debt," he told Sean Hannity back in 2012, would trigger what he called the "most predictable economic crisis we have ever had in this country." Debt would mean nothing less than the "end of the American dream."

    In 2012, the debt stood at $15 trillion, and the exploding costs of entitlements, Ryan said, meant that "by the time my grandkids are raising their grandkids, we are taking 80 cents out of every dollar just to pay for this federal government at that time."

    President Donald Trump


    [IMG]https://hips.hearstapps.com/hmg-prod.s3.amazonaws.com/images/trump-1523304610.jpg?crop=1xw:1xh;center,top&resize=480: *[/IMG]



    Getty Images

    There's always a tweet, part infinity:
    Donald J. Trump
    @realDonaldTrump



    Our $17T national debt and $1T yearly budget deficits are a national security risk of the highest order.

    288

    2:12 PM - Nov 13, 2012
    Twitter Ads info and privacy


    793 people are talking about this

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    House Majority Leader Kevin McCarthy

    From a statement in 2012:
    Today, America has reached a historic milestone which no American will celebrate – the national debt has surpassed $16 trillion...Americans are tired of broken promises and empty rhetoric, and they can no longer afford to languish in the malaise of the Obama economy. Unlike the President, House Republicans have put forth a serious budget that reduces our debt over time and focuses on pro-growth economic policies that will get Americans back to work. We have a responsibility to our children and grandchildren to leave them a country better than the one we inherited.

    House Majority Whip Steve Scalise

    From a 2016 statement:
    “By proposing $2.1 trillion in tax hikes and $2.4 trillion in additional Washington spending over 10 years, President Obama’s latest budget serves as a punch to the gut of hard-working taxpayers who are still struggling from stagnant wages and higher costs caused by this failed, Washington-knows-best agenda. Washington needs to start tightening its belt and stop spending money it doesn’t have instead of the $8.5 trillion increase in the national debt proposed by the President.

    Notice that proposal included tax hikes to help pay for increased spending—the opposite of the Republican legislative platform now.

    [IMG]https://hips.hearstapps.com/hmg-prod.s3.amazonaws.com/images/repobama-1523304679.jpg?crop=1xw:1xh;center,top&resize=480: *[/IMG]



    Getty Images

    But this whole conversation presupposes that Republicans genuinely care about the debt. They don't—at least when a Republican is president. A line in today's Times piece gets at that:

    The figures are sobering, even in a political climate where deficit concerns appear to be receding.

    The debt and deficit have steadily increased since Obama left office. Trump did run on a platform of increased infrastructure and military spending—as far as anything the president says counts for anything—but what really changed is that the Republicans are in power. If the conservative movement ever was tethered to certain beliefs, it is completely unchained now in the Age of Trump. The Party of Family Values? Step right up, Mr. Roy Moore. The Party of Fiscal Responsibility? Only, it seems, in an election yea, and after the donors get their tax cut.

    But in a sign that Republicans are growing concerned about the political liability of soaring deficits, the House will vote Thursday on a constitutional amendment to require balanced budgets. Since such constitutional amendments require two-thirds of the House and Senate to agree, it is unlikely to pass Congress, let alone be ratified by the states.

    So they'll solve the supposed crisis by voting on a bill that will never pass that would enact a policy that will never work. All so they can go home to the folks and talk about how they want a Balanced Budget after they all but ensured it won't be balanced for a decade. It's almost like the only thing the Republican Party cares about anymore is staying in power.

    https://www.esquire.com/news-politic...llion-deficit/


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  9. #9
    Senior Member stoptheinvaders's Avatar
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    Quote Originally Posted by Judy View Post
    Daniel is wrong about that. It wasn't Republicans who pushed us further into debt, it was the DemoQuacks. So his article is a gross misrepresentation of the truth and the facts, even though he includes some of the facts and data that proves the inaccuracy of his article right in the article. It's like reading Wack-O-Doodle News.
    The debt has grown $8 trillion since they (Republicans) took over the House, $3.8 trillion since they took over the Senate, and even $1.9 trillion just in the 22 months of trifecta control.

    How did he misrepresent the truth and the facts?
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  10. #10
    Senior Member stoptheinvaders's Avatar
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    Quote Originally Posted by Judy View Post
    What did Republicans do to plow us deeper into debt?

    The debt has grown $8 trillion since they (Republicans) took over the House, $3.8 trillion since they took over the Senate, and even $1.9 trillion just in the 22 months of trifecta control.
    You've got to Stand for Something or You'll Fall for Anything

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