Saturday, December 11, 2010
Obama Tax Cut Deal More Expensive Than Stimulus: CBO
In an interview of Barack Obama last Friday, he stated that despite a rebellion by many Democrats against his tax deal, it will pass because "nobody – Democrat or Republican – wants to see people's paychecks smaller on Jan. 1 because Congress didn't act." The deal is supposed to extend cuts to income tax rates for all earners that would otherwise expire in January. "The Wall Street Journal" reports that an estimate from the nonpartisan Congressional Budget Office pegs the cost of the tax cut deal at $858 billion, a figure that would make the deal more expensive than the 2009 stimulus, which cost $787 billion. Any opinions?
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I think it's hypocritical of Republicans to criticize the stimulus on the basis that it raised the deficit while promoting a tax cut policy that increases debt even more. It was due to Republicans that about a third of the stimulus was tax cuts anyways. Republicans keep claiming they want to lower debt and then force tax cuts that will increase it. Then they turn around and win elections by blaming Obama for increasing debt. A brilliant strategy for short-term gains and selfish political interests, paired with a middle finger of long-term debt for the suckers who voted for them.
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