I like tax cuts as much as the next guy, but these folks are off their damned rocker:
The House passed three separate tax cuts yesterday and plans to approve a fourth today, trimming the federal revenue by $94.5 billion over five years — nearly double the budget savings that Republicans muscled through the House last month.
GOP leaders portray the tax bills — for the hurricane-ravaged Gulf Coast, affluent investors, U.S. troops serving in Iraq and taxpayers who otherwise would be hit by the alternative minimum tax — as vital to keeping the economy rolling.
“Our economic policies have done the trick,” said Rep. Deborah Pryce (R-Ohio). “We are in the middle of one of the strongest economies this country has ever seen.”
But some budget analysts say the flourish of tax cutting badly undermines the recent shows of fiscal discipline. Last month’s budget-cutting bill would save $50 billion over five years by imposing new fees on Medicaid recipients, trimming the food stamp rolls, squeezing student lenders and cutting federal child support enforcement.
Compare and contrast these actions with this report from the notoriously left-wing Heritage Foundation:
Federal budget projections consistently warn that America faces a future of unaffordable entitlement spending, deep federal debt, and economic stagnation unless lawmakers modernize runaway entitlement programs. This paper shows that the long-term budget picture may even be substantially worse than previously projected.
Specifically, a realistic budget projection shows that combined nominal Medicare, Social Security, and Medicaid spending will double over the next decade. Adding in the costs of the war on terrorism, Hurricane Katrina, and other congressional spending priorities pushes total 2015 federal spending well past $4 trillion and the budget deficit to $873 billion—a level that could lead to harmful tax increases.
The 2006–2050 budget picture is even more dismal. Because of the cost of fully funding Social Security, Medicare, and Medicaid, leading long-term budget projections have calculated that federal spending will increase from the current 20 percent of gross domestic product (GDP) to a peacetime high of nearly 33 percent of GDP by 2050.
Tax cuts are not one of Heritage’s proscribed solutions to this mess. Neither was a trillion dollar drug company giveaway/entitlement program, either.
It is safe to say I sometimes sit around and ask myself- “WTF did I vote for and what did I get for my vote?”