"The Cost of the Looming Fiscal Crisis" Should Not Be a Throwaway Line
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Monday, 19 November 2012 05:33 |
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Unfortunately it is in an otherwise useful column by Thomas Edsall on evolving political attitudes. The second to the last sentence tells reader that:
"Nonetheless, the overarching division remains, and the battle lines are drawn over how to distribute the costs of the looming fiscal crisis."
But those wondering about the nature of the costly fiscal crisis to which Edsall is referring would follow the link to a Wall Street Journal piece on the fiscal showdown over the end of the Bush tax cuts and the sequester of spending that are scheduled to occurr at the end of the year. This crisis is one of excessive deficit reduction, it is resolved by smaller tax increases and smaller cuts in spending.
In other words, the crisis is that we are taking too much money away from people, which will hurt the economy. The crisis will be resolved by taking less money away from people. It is the opposite of a "costly fiscal crisis." Instead, we will be faced with a costly economic crisis if the tax increases and spending cuts are allowed to take effect.
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Edsall sums up by concluding:
"In broader terms, the political confrontation pits taxpayers, who now form the core of the center-right coalition, against tax consumers who form the core of the center-left."
To illustrate just how crazy Edall's analysis is, I'll let Newt Gingrich do the honors:
""I'm very disappointed with Governor Romney's analysis, which I believe is insulting and profoundly wrong," Gingrich said in an interview with KLRU-TV in Austin. "First of all, we didn't lose Asian-Americans because they got any gifts. He did worse with Asian-Americans than he did with Latinos. This is the hardest-working and most successful ethnic group in America--they ain't into gifts.
"Second, it's an insult to all Americans," he continued. "It reduces us to economic entities. You have no passion, no idealism, no dreams, no philosophy. If it had been that simple, my question would be, 'Why didn't you outbid him?' He had enough billionaire supporters, if buying the electorate was the key, he could have got all his super PAC friends together and said, don't buy ads, give gifts. Be like the northwest Indians who have gift-giving ceremonies. We could have gone town-by-town and said, 'Come here, let me give you gifts. Here are Republican gifts.' An elephant coming in with gifts on it.""
http://news.yahoo.com/blogs/ticket/newt-gingrich-romney-gifts-comments-175918743--election.html