Heading into the final stretch, it looks like conservative primary voters are settling on Newton Gingrich as their GOP presidential candidate. Currently, even 47% of the TEAs are supportive of a Gingrich run for president.
This is interesting to me because the TEA Party has always claimed that the deficit and the national debt are their primary concerns. The TEA doctrine, if there actually is such an animal, seems to be that government is carrying too much debt, destructive debt, bankrupting debt.....and that the yearly federal budget must be brought into balance without deficits. As I've stated many times, this was not conservative doctrine during the Bush years when Republicans controlled Washington 6 out of 8 years in the 00's,....but, instead, only became essential doctrine the moment Democrats took control of Congress and the White House.
That apparent contradiction isn't really contradictory.....because it's virtually identical to how Republicans played the game the last time a Democrat was in the White House. After huge expansions of debt and record deficits during the 12 years of GOP presidents from 1981-1993, Newt Gingrich-led, Contract On America conservatives changed their fiscal religion and demanded balanced budgets from a Democratic president.
After budgets were balanced at the close of Clinton's presidency....and after Mr. Scalia awarded the presidency to George W. Bush in 2000....Republicans, once again, had a change of fiscal religion, blowing up the budget deficit and national debt to twice it's size. Predictably, after the Democratic Obama's election, the blown up deficit and national debt returned as the most pressing issue for oh-so-fiscally-responsible conservatives.
Over time...this stuff becomes transparent.
And that leads us back to the GOP frontrunner. The frontrunner supported now by 47% of TEAs. Mr. Contract On America...Newt Gingrich.
The tax plan by GOP presidential hopeful Newt Gingrich would provide big tax breaks to the rich and blow a huge hole in the federal budget deficit, according to an independent study released Monday.
The analysis by the Tax Policy Center says households making more than $1 million a year would see their taxes drop by an average of 62 percent. Overall, federal tax revenues would drop by an estimated $850 billion in 2015, a figure that would dramatically worsen the budget deficit unless it is offset by unprecedented spending cuts, the study said.
"The revenue losses are enormous," said Roberton Williams, a senior fellow at the Tax Policy Center.
This from the Tax Policy Center should be a reminder of Dick Cheney's infamous words to Paul O'Neil in the early 00's....."deficits don't matter, Reagan proved that"......
The budget deficit is expected to be 6.2 percent of GDP in the current fiscal year, but projected to decline in the coming years. With Gingrich’s tax plan in place, however, deficits would be even higher in perpetuity. In the best year under his plan, fiscal year 2015, the deficit would be $1.2 trillion, or 6.6 percent of GDP. Annual deficits would continue to mount, reaching $2 trillion in just over a decade. Again, this assumes that drastic spending cuts also take place.
Of course, what Gingrich is advocating is nothing new. It's supply-side economics. During our nation's worst financial downturn in 60 years, a downturn marked with low consumer demand.....Gingrich proposes a supply-side solution to a demand problem. Stripped of it's cynicism and assholery, Gingrich's proposal is yet another exhibit of the Republican Party's religious devotion to rewarding several hundred thousand already-rich Americans. Again, this stuff is not complicated.
Naturally, the GOP frontrunner's proposal is an object lesson on how Republicans do not favor the wealthy when they offer tax cuts.....or, you know, not....
For example, a household making between $40,000 and $50,000 would get an average tax cut of 12.1 percent, while a family making between $200,000 and $500,000 would get a tax cut of 27.3 percent, according to the study.
See? Gingrich's proposal cuts taxes by 12.1% on average income earning families....and 27.3% on those who earn the most. See how the GOP frontrunner, and the 47% of TEAs who support him, treat all tax payers the same way? Me, either.
Finally, when Gingrich pulled the string on his most recent IED.....he mocked Palestinian people as "invented." Gingrich knew better, and that's why he called Palestinians, "invented people." Gingrich made such an outrageously ignorant and inflammatory claim in order to fill the hearts of the GOP base with glee...thus drawing those voters to himself.
However, in light of 47% of TEAs now supporting Newt and his deficit exploding, supply-side tax plan....I wonder whether the authentically "invented people" aren't the conservative TEA Party people who call themselves deficit and debt hawks.
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