I don’t always agree with Paul Krugman, but I certainly agree with this.
OK, let’s say goodbye to the deficit commission. If you’re sincerely worried about the US fiscal future – and there’s good reason to be – you don’t propose a plan that involves large cuts in income taxes. Even if those cuts are offset by supposed elimination of tax breaks elsewhere, balancing the budget is hard enough without giving out a lot of goodies – goodies that fairly obviously, even without having the details, would go largely to the very affluent.
Update: It’s here. And it really is that bad. The idea that co-chairs of a commission whose charge is fiscal sustainability should take it upon themselves to (a) declare that federal revenue must not exceed 21 percent of GDP – that’s right, putting a cap on receipts and (b) call for reducing the top rate from 35 to 23 is just awesome.
What a joke.