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... many important Democrats are open to a truly large budget deal. President Obama has a strong incentive to reach a deal so he can campaign in 2012 as a moderate. The Senate majority leader, Harry Reid, has talked about supporting a debt reduction measure of $3 trillion or even $4 trillion if the Republicans meet him part way. There are Democrats in the White House and elsewhere who would be willing to accept Medicare cuts if the Republicans would be willing to increase revenues.
If the Republican Party were a normal party, it would take advantage of this amazing moment. It is being offered the deal of the century: trillions of dollars in spending cuts in exchange for a few hundred billion dollars of revenue increases.
A normal Republican Party would seize the opportunity to put a long-term limit on the growth of government. It would seize the opportunity to put the country on a sound fiscal footing. It would seize the opportunity to do these things without putting any real crimp in economic growth.
The party is not being asked to raise marginal tax rates in a way that might pervert incentives. On the contrary, Republicans are merely being asked to close loopholes and eliminate tax expenditures that are themselves distortionary. ...
But we can have no confidence that the Republicans will seize this opportunity. Thats because the Republican Party may no longer be a normal party. Over the past few years, it has been infected by a faction that is more of a psychological protest than a practical, governing alternative.
The members of this movement do not accept the logic of compromise, no matter how sweet the terms. If you ask them to raise taxes by an inch in order to cut government by a foot, they will say no. If you ask them to raise taxes by an inch to cut government by a yard, they will still say no.
The members of this movement do not accept the legitimacy of scholars and intellectual authorities. A thousand impartial experts may tell them that a default on the debt would have calamitous effects, far worse than raising tax revenues a bit. But the members of this movement refuse to believe it.
The members of this movement have no sense of moral decency. A nation makes a sacred pledge to pay the money back when it borrows money. But the members of this movement talk blandly of default and are willing to stain their nations honor.
The members of this movement have no economic theory worthy of the name. Economists have identified many factors that contribute to economic growth, ranging from the productivity of the work force to the share of private savings that is available for private investment. Tax levels matter, but they are far from the only or even the most important factor.
But to members of this movement, tax levels are everything. Members of this tendency have taken a small piece of economic policy and turned it into a sacred fixation. They are willing to cut education and research to preserve tax expenditures. Manufacturing employment is cratering even as output rises, but members of this movement somehow believe such problems can be addressed so long as they continue to worship their idol. ...
If the debt ceiling talks fail, independent voters will see that Democrats were willing to compromise but Republicans were not. If responsible Republicans dont take control, independents will conclude that Republican fanaticism caused this default. They will conclude that Republicans are not fit to govern.
And they will be right.
http://www.nytimes.com/2011/07/05/opinion/05brooks.html?_r=4&ref=davidbrooks
Thoughts?
Progressive Definition of Normal: a Failed Leader runs up a $1.6 Trillion deficit, believing bank ATM's kicked your economy ass and thinking 9+% unemployment is funny because jobs weren't "Shovel ready"
“We own the economy” -- DNC
57 States!
What exactly are the Dems willing to compromise on??
Anyone got any idea??
I haven't heard one word about the Dems being willing to compromise on anything. They seem to think the Reps are the only ones that need to compromise.
Funny how that works doncha know.
What exactly are the Dems willing to compromise on??
Anyone got any idea??
I haven't heard one word about the Dems being willing to compromise on anything. They seem to think the Reps are the only ones that need to compromise.
Funny how that works doncha know.
Did you even bother reading the article or the OP? How lazy can you be?
Toro if this is what the Republicans are getting:
...debt reduction measure of $3 trillion or even $4 trillion...accept Medicare cuts if the Republicans ...trillions of dollars in spending cuts in exchange for a few hundred billion dollars of revenue increases...
And this is what they are being asked to give up:
The party is not being asked to raise marginal tax rates in a way that might pervert incentives. On the contrary, Republicans are merely being asked to close loopholes and eliminate tax expenditures that are themselves distortionary.
Then I would say they are are wrong for turning it down. Yes closing loopholes and eliminating tax expenditures are the equivalent of tax increases. HOWEVER, a lot of these loopholes contribute to the overshoring of jobs and industry anyways! In a prefect plan I prefer closing the loopholes and simutaneously lowering taxes and spending! But this isn't a perfect world and this is the best deal both parties can get. I just hop that $3-$3 trillion cuts are REAL cuts (which I am highly skeptical they are) and I am glad both parties are putting medicare on the table!
If Republicans are using this just get points against Obama in 2012, then I will be very disappointed. A crash now in a non-recovery "recovery" would be devestrating!
What exactly are the Dems willing to compromise on??
Anyone got any idea??
I haven't heard one word about the Dems being willing to compromise on anything. They seem to think the Reps are the only ones that need to compromise.
Funny how that works doncha know.
Did you even bother reading the article or the OP? How lazy can you be?
LOL, like we are SUPPOSE to now take what some so called "conservative" political columnist says as the gospel..
People better WAKE up and see this is ALL just smoke being blown up your asses by the Obama and his Comrades in arms. IF they were serious, they NEVER would of let this get THIS FAR when they had a MAJORITY..
Did you even bother reading the article or the OP? How lazy can you be?
LOL, like we are SUPPOSE to now take what some so called "conservative" political columnist says as the gospel..
People better WAKE up and see this is ALL just smoke being blown up your asses by the Obama and his Comrades in arms. IF they were serious, they NEVER would of let this get THIS FAR when they had a MAJORITY..
The commies are out to get you. Go back to sleep.
LOL, like we are SUPPOSE to now take what some so called "conservative" political columnist says as the gospel..
People better WAKE up and see this is ALL just smoke being blown up your asses by the Obama and his Comrades in arms. IF they were serious, they NEVER would of let this get THIS FAR when they had a MAJORITY..
The commies are out to get you. Go back to sleep.
stupid insults all you got left? That's what you all resort to when you have NOTHING and people DISAGREE with you..
What exactly are the Dems willing to compromise on??
Anyone got any idea??
I haven't heard one word about the Dems being willing to compromise on anything. They seem to think the Reps are the only ones that need to compromise.
Funny how that works doncha know.
Did you even bother reading the article or the OP? How lazy can you be?
The commies are out to get you. Go back to sleep.
stupid insults all you got left? That's what you all resort to when you have NOTHING and people DISAGREE with you..
The key is to know your audience.
Steph it is all you ever do
False premise.The members of this movement do not accept the legitimacy of scholars and intellectual authorities. A thousand impartial experts may tell them that a default on the debt would have calamitous effects, far worse than raising tax revenues a bit. But the members of this movement refuse to believe it.
The members of this movement have no sense of moral decency. A nation makes a sacred pledge to pay the money back when it borrows money. But the members of this movement talk blandly of default and are willing to stain their nations honor
Steph it is all you ever do
BTW TM, it's all you ever do... You just lump millions of people together when you call them names, that's why you're a bigot of course.