Wednesday, February 29, 2012

The GOP's "Fiscal Phonies"

Paul Krugman compares the tax proposals of the GOP presidential contenders with President Obama's, projecting debt as a % of GDP under the varying plans:
(C)ompare the Republican plans with the Obama administration’s plan, which would at least allow the high-end tax cuts to expire. How does debt under this plan compare with the four Republicans?
Well, here’s debt as a percentage of GDP in 2021 (using the OMB numbers (pdf) for Obama and CRFB (Committee for a Responsible Federal Budget) for the others):
Yep: as Republicans yell about Obama’s deficits and cry that we’re turning into Greece, Greece I tell you, all of them, all of them, propose making the deficit bigger.
And for what? For reverse Robin-Hoodism, taking from the poor and the middle class to lavish huge tax cuts on the rich.
And I believe that all of them know this, too. It’s pure hypocrisy – and it’s all in the service of class warfare waged on behalf of the top 0.1 or 0.01 percent of the income distribution.

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