I always have thought that congressional Republicans were deficit “hawks,” officials who hated federal budget deficits and certainly derided those spendthrift Democrats for piling up the national debt.
Why, then, are GOP senators so intent on pushing a tax cut bill that will explode the annual deficit and add hundreds of billions of dollars to the debt?
A new non-partisan analysis indicates that the GOP tax plan will spur some limited economic growth, but it’s going to add $1 trillion to the deficit.
Here is part of what CNN is reporting:
The Joint Committee on Taxation, the Congressional scorekeeper for tax bills, estimates that the Senate tax bill could generate enough growth to create nearly $408 billion in new revenue over a decade. But even with that additional revenue, the bill would still add an estimated $1 trillion to deficits.
JCT’s macroeconomic analysis — also known as a dynamic score — falls far short of Treasury Secretary Steven Mnuchin oft-made claim that the tax cuts will pay for themselves.
There also doubts about whether the wealthiest Americans are going to pay more or less under the GOP-railroaded tax overhaul. Donald Trump keeps insisting it will “cost me a fortune … believe me.” Actually, I’ve discovered that whenever the president says “believe me” I need to discount the veracity of any point he is trying to make.
But if Republicans are so damn hawkish on budget deficits when Democratic presidents are seeking to boost the economy, shouldn’t they remain that way when their political brethren seek to do the same thing?