So the debate continues in Washington about the debt ceiling, deficit reduction, and debt eradication. And guess what? It’s the same old song and dance: clowns to the left of me, jokers on the right, here I am stuck in the middle with you, and you, and you. Seriously, here are the new commandments for you colicky children.
1) Republicans need to stop staying that cutting marginal income tax rates INCREASES tax receipts. Yes, when you cut from 50% to 30%, that extra money in the wallet will lead to increased economic activity. When the change is from 38% to 35%, there is no increase in economic activity.
2) Republicans need to admit that the real cost of the Bush tax cuts was between $1.2 and $1.6 Trillion. So the next time Jon Kyl or some other Republican’t says we don’t need to pay for tax cuts, he needs to be forced to count to 1,200,000,000,000 while watching the best of Keith Olbermann.
3) Democrats need to get serious about entitlement reform and not play politics with our nation’s finances.
4) President Obama needs to call in Bill Clinton to grab the congressional knuckleheads form both sides of the aisle and come up with a balanced budget solution that includes necessary reform. If Slick Willie can get what he wants from Kim Jong-Il, he should be able to slap Reid, Pelosi, Boehner, and McConnell into shape.
5) Republicans must stop playing this false indignation about Democrat Demagoguery regarding Paul Ryan’s Medicare plan. Just two years ago you Marxist Socialist Death Paneled the President and his party. STFU.
6) Republicans need to stop saying all we need is tax reform, because tax reform will increase tax receipts. If you reform taxes AND increase tax receipts, you must be raising taxes.
7) Republicans need to quit citing marginal tax rates when we all know that with so many loopholes, deductions, credits, and subsidies it is the effective tax rate that matters.
8) Democrats need to offer a credible plan to reduce spending back to 2004 levels.
9) Republicans need to admit that any realistic budget plan must include tax increases and defense cuts.
10) Both sides better figure out how to invest in vital infrastructure while cutting less critical initiatives.
Do I believe this will happen? Yeah when Pigs fly with Unicorns to the North Pole to visit Santa Claus.