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March 5, 2015

How Republicans Ruled Out Deficit Reduction

James Kwak takes Republicans to task for taking the position that “additional tax revenue that would reduce the deficit is bad.”

“A carbon tax (or a tradable permit system where permits are auctioned off) would obviously bring in revenue… But when confronted with a proposal that makes perfect economic sense and reduces deficits, they reject it—on the grounds that it would ‘finance larger government.’ Instead, they insist on offsetting the tax increase—which, remember, is economically efficient standing on its own.”

“This is absurd. The argument necessarily relies on the premise that deficitscannot be reduced: increase tax revenues, and spending will just go up, leaving the deficit the same.”

  • Jesse4

    Republicans don’t care about deficits. They just use that as an excuse to attack programs and government agencies they don’t like, which is just about everything except the military.

    • yadayadaaa

      So why do, Republicans hate America, so???

      • drzaius

        They hate us for our freedom.

      • UnionLeague

        Because they have schmidt for brains.

    • Dave

      They like some programs, such as the multi-billion-dollar corporate welfare to oil companies or the millions given in “farm aid” to millionaire landowners who never farmed a day in their life.

  • Chredon

    So they automatically assume that if they collect more money, they will just spend it and the deficit will be the same.

    Perhaps they should take a look at the deficit in, for example, 1997 – 2000.

    • easton

      that has been erased from the Republican memory and flushed down a hole replaced by surpluses being created by the capital gains tax cut under Clinton

  • John Herling

    This is a tacit admission that Congress is inherently incapable of restraining its urges to spend money uncontrollably. How many Republicans would be willing to say so publicly?

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