Given their history, why anybody would give one ounce of credibility to any Republican and their faux concern about deficits is beyond me. But for those few amnesiacs who did, John Kyl should have cleared that up yesterday with this:
“Surely Congress has the authority, and it would be right to — if we decide we want to cut taxes to spur the economy, not to have to raise taxes in order to offset those costs. You do need to offset the cost of increased spending, and that’s what Republicans object to. But you should never have to offset cost of a deliberate decision to reduce tax rates on Americans.”
Two other deficit hypocrites, Judd Gregg and Eric Cantor chimed in:
“Sen. Judd Gregg (N.H.), the top Republican on the Senate Budget Committee, joined House Minority Whip Eric Cantor (R-Va.) in pushing for the extension of a series of taxes set to expire at the end of this year, including a series of cuts for households making more than $250,000 per year.
“If you want to do something to stimulate the economy, you could make clear that tax rates aren’t going to go up at the end of the year,” Gregg said during an appearance on CNBC. “If this administration really wants to stimulate, say they’re going to continue those tax rates — all those tax rates.”
Never mind that when it came to extending unemployment benefits Gregg said, “we are on the path of passing on to our children a nation which they will not be able to afford as a result of the massive debt which is being put on their backs.”
That was over $33 billion. Extending the Bush tax cuts for the wealthy will cost about $700 billion.
But, but, but, extending the tax cuts will “spur” and “stimulate” the economy, right? If this sounds familiar, here’s why. January, 2004:
“The tax relief the president has given to this economy is working,” Commerce Secretary Don Evans told CNN’s “Late Edition.” “On three separate occasions over the last three years, he’s provided additional tax relief for American workers, American families, businesses across America, and guess what? It’s working. The results are showing that it’s working.”
…Treasury Secretary John Snow predicted that hiring will pick up in 2004.
“All the evidence points in that direction,” Snow told ABC’s “This Week.” “And everything we know about economics indicates that, as you get an economy into high gear, as you get a strong recovery under way, it does translate into jobs.”
The result? “The worst private sector jobs record of any administration in 75 years.”
The Bushies were right about one thing. The tax cuts did work—if you happen to be in the top 1%, that is.