Reagan Budget Director Rips GOP For Destroying “the last vestige of fiscal responsibility”

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    This is the same thing progressives like the ones here at Blue Virginia have been saying for a long time, but it carries more weight coming from the Great Ronald Reagan’s own budget director.  See Think Progress for more, including how tax cutting has become a “theology” in the Republican Party, how “Reagan proved nothing of the kind [that tax cuts supposedly lead to higher revenues],” that Dick Cheney “should have known better,” and that the Bush Administration is responsible for ” basically destroying the last vestige of fiscal responsibility that we had in the Republican Party.”

    David Stockman is right. I’d go even further, though, and argue that the Democratic Party also is not being fiscally responsible by accepting permanent extension of any of the irresponsible, wildly misguided Bush tax cuts. Sure, extend them for 2-3 years for middle-class and working-class Americans as we get out of the Bush Great Recession, but other than that, there is absolutely no way we can afford these tax rates if we don’t want to either a) go bankrupt; or b) slash Social Security, Medicare, and defense spending. Either of those options is unacceptable, which means the last thing we want to do at this point is add yet another $4 trillion to the debt by extending Bush’s tax cuts. This is basic math; why is it so difficult to understand?

    • pontoon

      It’s nice to see Mr. Stockman speak out on this issue, as other Republicans have on the Start Treaty.  Dick Lugar, Jim Baker and Henry Kissinger have all been trying to rally Republican support for the Start Treaty.  All of their efforts, however, seem to be falling on deaf ears with the current band of Republican office holders.  An article at Politico quotes Brent Scowcroft saying about the Start Treaty, “It’s not clear to me what it is.  I’ve got to think that it’s the increasingly partisan nature and the desire for the president not to have a foreign policy victory.”

      The current climate within the Republican party indicates just how hell bent they are on ensuring President Obama fails.  Hopefully folks like Baker, Stockman, Kissinger and Scowcroft can get through to them before they take the entire country down.

    • Elaine in Roanoke

      I’ll go even further. Unless we have the political will to clean up a tax code that is actually full of expenditures for special interests, those who get tax preferences and/or some excuse from paying their share of the tax burden, we can’t get our fiscal house in order.

      Indeed, Virginia has done exactly the same thing…loading up what used to be a simple tax structure with all sorts of ways for special groups to avoid paying a fair share. I’ll start with myself. The social security I get is exempt from state income taxes, no matter what my total income is. That’s absurd. Meanwhile, Virginia taxes the lowest income people far too much by starting its tax collection so low on the income ladder.