Friday, January 15, 2016

Should We Elect Budget Busters To Reduce Budget Deficits?

The federal budget deficit tripled under Ronald Reagan; it doubled under George Bush; it would also increase substantially if any of the GOP candidates were elected and persuaded the GOP congress to pass the budgets that they have proposed.  This article, written by a Republican who served on House and Senate budget committees, tells the real story about GOP budget policy.  Republicans are committed to cutting taxes, primarily for those who fund their campaigns.  They have never cut federal spending enough to compensate for the loss of tax revenue.  Large budget deficits are the only result from this formula.

The real mystery is how Republicans get away with accusing Democrats of fiscal irresponsibility and portraying themselves as proponents of a balanced budget.  The answer is simple. They understand that most voters don't understand fiscal policy.  They realize that a business cannot reduce its revenue and remain solvent without cutting spending, but many believe that government can cut taxes without creating budget deficits.  Republicans tell them they will cut spending but they never follow through on the promise.  Some also believe that tax cuts will stimulate enough economic growth to pay for the tax cuts.  They also believe in the tooth fairy.  Republican promises to balance the federal budget depend upon voter ignorance and misinformation that is part of their regular diet.  

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