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Massachusetts Liberal

Observations on politics, the media and life in Massachusetts and beyond from the left side of the road.

Thursday, August 02, 2012

Bankrupt policies

The reviews are in and guess what? Mitt Romney's sketchy tax plan is just that -- favoring the wealthy and taxing the middle class.

In the process the morally bankrupt plan, built on the backs of the Bush tax cuts, would continue to bankrupt the nation's economic coffers.

Romney aides quickly decried the "liberal" analysis offered by the Tax Policy Center -- but in a serendipitous piece of timing, that denunciation came about the same time as the GOP House passed an extension of the Bush tax cuts, that ruinous policy that, in conjunction with two credit card wars and untamed Wall Street greed, led us down the the fiscal rat hole.

The economists needed to guess a lot, of course, because Romney has failed to lay out many specifics about what he would do in the Oval Office. The course offered appears to be the same one followed by George W. Bush, whose eight years added $5.1 trillion to the deficit, compared to the $983 billion projection of an eight-year Obama Administration.

Nor has Romney laid out many specifics on how he would reduce spending to offset the new tax cuts for "job creators" who have done very little of that with the tax advantages they have enjoyed.

Instead Romney has offered his support for the plan of House Budget Committee Chairman Paul Ryan, who would pay for the cuts by shredding the social safety net with massive cuts to Medicare, Medicaid and Social Security. Along with eliminating the tax breaks favoring the middle class, such as deductions for home mortgage interest and health care insurance expenses.

In essence, a Romney administration would be George W. Bush Redux, without the president you'd like to have a beer with. Yet Romney continues to skate by without having to explain what he has in store for a public unhappy with the slow pace of recovery from the disaster inherited by Barack Obama.

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Anonymous Anonymous said...

Do you wish that Barack hadn't painted such a rosy picture about what the stimulus would do? Or will you fall back on the "jobs created or saved" terms. If Barack can used "saved" jobs as a criteria for sucess, I wonder how many jobs the Bush tax cuts "saved"? Whoever is in office we need to start running our government like a household budget. An example is the Abrams tank. The Pentagon doesn't want to fund more maintenance they feel they have plenty. But the Congress wants to keep it going (and Dems are just as much in on it as Republicans) because the subcontractors are in their districts. Term limits are the answer.

August 02, 2012 7:40 AM  

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