Wednesday, February 29, 2012

Fiscal Follies of the Republican Party

This'll be a decidedly shorter post, since I'll mostly be doing outsourcing to Krugman. Anyway, as I've been saying repeatedly, the outcry against ballooning government debt and how we need to "cut everything everywhere right now now NOW" coming from the Republican presidential candidates is a complete farce. What's more, we've got a study by the Committee for a Responsible Federal Budget that analyzes the budgetary effects of each candidate's taxing and spending plans on the overall government debt by 2021. 

Anyways, I came across two posts by Krugman, yesterday and today, in which he breaks down the sheer hypocrisy of it all:

"I use the intermediate-cost estimate from CRFB  (pdf) for the four Republican plans, and for consistency, I use CRFB’s own estimate  (pdf) for Obama. And here’s what we get:
So it remains true that all of the proposals, except maybe Ron Paul’s (which contains huge and probably impossible spending cuts) would lead to higher deficits than Obama, based on a common assessment."
So there you have it folks, the Republican presidential candidates, for all of their hemming and hawing about the debt, have no credible way of reducing it. So, in addition to having no plan for health care reform besides "repeal Obamacare," they also have no plan for reducing the debt? Color me unimpressed.