WC admits he cannot stand to watch the Republican presidential “debates” live. The name-calling, lies, distortions and incessant whining set WC’s teeth on edge. Better to read about them afterwards. It spares WC some of the anger and disgust that is the sensible reaction of any thinking American.
You think WC is exaggerating? Let’s examine just one issue to illustrate the stark irresponsibility and hypocrisy of these clowns who think they should be president of the United States: the federal budget. And we’ll pick just one candidate at random: Senator Marco Rubio. You know, the candidate who sounds like a broken record. Or a damaged robot.
Each and all decries the size of the national debt. Senator Marco Rubio called the size of the national debt a sign of President Obama’s moral failure. Senator Rubio advocates for a balanced-budget amendment. Senator Ted Cruz wants a balanced budget amendment, too, and accuses President Obama of bankrupting the country. The Donald, of course, only complains about the debt, but offers no specifics.
So what does Senator Rubio propose?
Senator Rubio would slash tax rates on personal and corporate income, and give bigger breaks to wealthier Americans. Other candidates would reduce rates on capital gains and dividends. Senator Rubio would completely eliminate those taxes. Such a policy that would richly reward the wealthiest 1% of Americans: 79 percent of current revenue from capital gains and dividend taxes comes from the top 1% of earners, and less than 10 percent from the bottom 95 percent. Do you think Senator Rubio might be working for hedge-fund billionaire Paul Singer, his biggest financial supporter?
Senator Rubio would also end the estate tax. Republicans invariably call this the “death tax,” implying that the federal estate tax is imposed on everyone unfortunate enough to die. It’s not even close: Only about 5,400 estates in America owe federal estate tax for 2015. But repealing the federal estate tax would add about $300 billion to the deficit over 10 years. And almost exclusively benefit the wealthiest 1% of Americans.
Senator Rubio’s tax proposals would cause a tsunami of red ink. A repeal of the capital gains tax would cost roughly $1 trillion over 10 years. Most experts think repeal of the dividend tax would reduce federal revenue by a minimum of $250 billion over the next decade. Senator Rubio’s entire tax package would increase the deficit by at least $4 trillion to $6 trillion over the next decade.
So with all those revenue reductions, you’d expect mammothslashes in spending.
You’d be wrong.
Senator Rubio seriously piles on military spending. You remember those Chinese restaurants that let you eat all you wanted for a flatprice? Or, if you’re even older, Swedish Smörgåsbord? That’s what Senator Rubio has in mind for the Department Defense; a multi-billion dollar weapon system for everyone. According to a Cato Institute analyst, his something-ridiculously-expensive-for-everyone Pentagon budget could cost at least an additional $1 trillion over a decade. Among the many programs he wants: an additional carrier battle group, nuclear weapons modernization, extra ground combat personnel (whose pay and benefits will be with us for decades), and an upgraded missile defense. They could easily cost more than $1 trillion. For perspective, just one item, nuclear modernization, could alone cost $1 trillion.
Can we be clear about this? Senator Marco Rubio, claiming to be a fiscal hawk, accusing President Obama of fiscal recklessness, plans to decrease federal rvenue by $4 – $6 trillion and increase spending in the military sector alone by $1 – $2 trillion. And Senator Rubio calls President Obama fiscally irresponsible.
Senator Rubio’s fantasy budget math would wreck America’s fiscal house.