I have spent the last 40 years listening to one Republican after another bemoan, complain and generally pitch a fit over the deficit and the national debt. Now, the Republicans have advanced a tax “reform” bill.
Big problem: The Senate has struggled to keep the cost of this nightmare to $1.5 trillion over the next decade. If I had been out of touch for the last few months and just now read the executive overview of this bill (since no one has read the actual Senate bill) I would not recognize this as anything that any Republican that I have ever known could possibly support.
Don’t get me wrong. I am in favor of deficit spending under the right circumstance. For example, it was a very good thing that Presidents George W. Bush and Barack Obama pushed through their spending bills that rescued our economy the last time the Republicans trashed it.
However, the stated basis for the proposed massive increase in the deficit is so far from reality that I cannot imagine that any in the GOP actually believe it. While it may cut taxes for some who are not members of the 1 percent, according to Bloomberg, Business Insider and Forbes (among many others) the richest among us will reap the gross majority of the benefits. If it passes, this change to our tax code will be the biggest shift of wealth from the bottom 99 percent to the top 1 percent in history.
Literally all of the nonpartisan organizations that review this type of legislation for its projected impact on our economy say that this version of tax “reform” is bad for the country. Just Google the opinions of the CBO, the JCT and The Tax Policy Center on this absolute nightmare of a bill.
Economists are almost unanimous in the opinion that the rosy GOP economic predictions that this bill will pay for itself are pipe dreams or worse — just flat-out lies.
The topper, though, was a recent article from Forbes Magazine entitled “GOP Tax Bill is the End of All Economic Sanity in Washington.” It referred to the current iterations of this proposed law as “a textbook definition of economic insanity.”
I don’t know exactly what is driving all of this (outside of the obvious benefit to the main Republican constituency — the donor class), but I think that the fact that young people are fleeing the GOP in droves might make this the last gasp of a dying party.
I really hope so.