Scott Sumner admits that the GOPers' tax plans are wildeyed. The numbers just don't add up though he also argues that Bernie''s numbers don't do so great either.
"Sorry, but I can’t take seriously anything progressives write about Sanders. Those on the left are correct in ridiculing the tax ideas of Trump, and even the tax plans of the more “serious” GOP candidates do not raise enough revenue. I get that. But when evaluating their own side of the spectrum they lose all touch with reality"
http://www.themoneyillusion.com/?p=31156#comments
Reading between the lines, it sounds like Sumner is even sort of for Hillary at least by process of elimination.
But as far as Trump goes, look. John Harwood famously started that last GOP debate by askiing Trump if he's running a comic book version of a campaign due to his deep tax cuts for the rich-yet Trump per the GOP supply side playbook claims that this won't' explode the defict, basically through the usual 'dynamic growth effects.'
Here's my problem though. In calling Trump a comic book campaign he's implicitly suggesting that Marco Rubio's isn't.
Now it's true that Trump's tax plan would explode the deficit by as much as $12 trillion dollars over 10 years. But how is that so different than Rubio's?
http://nymag.com/daily/intelligencer/2015/11/math-on-rubionomics-way-crazier-than-you-think.html#
Thkn about that-Rubio's tax plan would cost the government three times what Jeb's brother's did and roughly the same amount as Trump's.
So Rubios tax plan is a-highly dystopian-version of a comic book.
"How would Rubio’s plan fit into the overall federal budget? One way to consider the scale of this plan is to look at the overall federal budget. Over the next decade, Washington is projected to collect $41.6 trillion in revenue under current policies. Rubio would reduce that to about $30 trillion. Rubio proposes to increase the defense budget — but, for the sake of generosity, let us assume he merely keeps the budget at the current levels he decries as “setting ourselves up for danger.” He likewise promises not to touch benefits for current or near-retirees, leaving those programs unavailable for cuts over that time. According to figures from the Center on Budget and Policy Priorities, expenditures on defense, Medicare, Social Security, and mandatory interest payments on the national debt will total $30.7 trillion over that period — and that’s without accounting for any other functions of the federal government at all. So Medicaid, veterans’ health insurance, transportation, border security, and education, not to mention the entire federal anti-poverty budget other than Medicare and Social Security, would have to go. Oh, and Rubio has also called for an amendment to the Constitution requiring a balanced budget every year."
"Oh, one more thing: Among the Republican presidential candidates, Rubio is widely considered to be a moderate on fiscal issues. The clarity with which we can now examine Rubio’s plan, juxtaposed against recent events, provides a sense of the ongoing relationship between the Republican Party and economic reality. It remains deeply hostile."
By the way, it's here that I think his personal financial problems come in.
http://lastmenandovermen.blogspot.com/2015/11/rubios-state-credit-cards-are-becoming.html
http://nymag.com/daily/intelligencer/2015/11/guide-to-marco-rubios-messy-personal-finances.html
He tries to play the Aw, shucks I'm just the poor boy of legal immigrants. He even goes so far as suggest that his own financial problems should tell the American people that he can relate to them.
This is sort of like Clarence Thomas giving a speech about how he undertands the civil rights struggles of black folks-as he after all is African-American himself. Then with his next breath he rules to weaken the Voting Rights Act.
Rubio is demanding deep austerity for us, and yet in his own life he's a spendthrift. And those Republican party state credit cards he had in Florida: that's not something the average person has available to bail us out of trouble.
"Sorry, but I can’t take seriously anything progressives write about Sanders. Those on the left are correct in ridiculing the tax ideas of Trump, and even the tax plans of the more “serious” GOP candidates do not raise enough revenue. I get that. But when evaluating their own side of the spectrum they lose all touch with reality"
http://www.themoneyillusion.com/?p=31156#comments
Reading between the lines, it sounds like Sumner is even sort of for Hillary at least by process of elimination.
But as far as Trump goes, look. John Harwood famously started that last GOP debate by askiing Trump if he's running a comic book version of a campaign due to his deep tax cuts for the rich-yet Trump per the GOP supply side playbook claims that this won't' explode the defict, basically through the usual 'dynamic growth effects.'
Here's my problem though. In calling Trump a comic book campaign he's implicitly suggesting that Marco Rubio's isn't.
Now it's true that Trump's tax plan would explode the deficit by as much as $12 trillion dollars over 10 years. But how is that so different than Rubio's?
"Last week, Citizens for Tax Justice, a liberal think tank that uses mainstream economic tax modeling, analyzed Marco Rubio’s tax-cut plan. Thirty-four percent of the benefits of the plan would go to the highest-earning one percent of Americans (who, by the way, earn about 21 percent of all income). Rubio’s proposal deliberately provides some benefits to Americans of modest income, which means that its enormous tax cuts for the very rich come alongside some pretty decent-size tax cuts for the rest of us. All told, Rubio’s plan would reduce federal revenue by $11.8 trillion over the next decade. The entire Bush tax cuts cost about $3.4 trillion over a decade, making the Rubio tax cuts more than three times as costly."
http://nymag.com/daily/intelligencer/2015/11/math-on-rubionomics-way-crazier-than-you-think.html#
Thkn about that-Rubio's tax plan would cost the government three times what Jeb's brother's did and roughly the same amount as Trump's.
So Rubios tax plan is a-highly dystopian-version of a comic book.
"How would Rubio’s plan fit into the overall federal budget? One way to consider the scale of this plan is to look at the overall federal budget. Over the next decade, Washington is projected to collect $41.6 trillion in revenue under current policies. Rubio would reduce that to about $30 trillion. Rubio proposes to increase the defense budget — but, for the sake of generosity, let us assume he merely keeps the budget at the current levels he decries as “setting ourselves up for danger.” He likewise promises not to touch benefits for current or near-retirees, leaving those programs unavailable for cuts over that time. According to figures from the Center on Budget and Policy Priorities, expenditures on defense, Medicare, Social Security, and mandatory interest payments on the national debt will total $30.7 trillion over that period — and that’s without accounting for any other functions of the federal government at all. So Medicaid, veterans’ health insurance, transportation, border security, and education, not to mention the entire federal anti-poverty budget other than Medicare and Social Security, would have to go. Oh, and Rubio has also called for an amendment to the Constitution requiring a balanced budget every year."
"Oh, one more thing: Among the Republican presidential candidates, Rubio is widely considered to be a moderate on fiscal issues. The clarity with which we can now examine Rubio’s plan, juxtaposed against recent events, provides a sense of the ongoing relationship between the Republican Party and economic reality. It remains deeply hostile."
By the way, it's here that I think his personal financial problems come in.
http://lastmenandovermen.blogspot.com/2015/11/rubios-state-credit-cards-are-becoming.html
http://nymag.com/daily/intelligencer/2015/11/guide-to-marco-rubios-messy-personal-finances.html
He tries to play the Aw, shucks I'm just the poor boy of legal immigrants. He even goes so far as suggest that his own financial problems should tell the American people that he can relate to them.
This is sort of like Clarence Thomas giving a speech about how he undertands the civil rights struggles of black folks-as he after all is African-American himself. Then with his next breath he rules to weaken the Voting Rights Act.
Rubio is demanding deep austerity for us, and yet in his own life he's a spendthrift. And those Republican party state credit cards he had in Florida: that's not something the average person has available to bail us out of trouble.
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