Paul Krugman notes that Republican candidates running for the biggest possible job are once again — hold on to your hat — proposing huge tax cuts for the 1%:
…both Jeb! and Trump are proposing cuts that would do more fiscal damage than anything W enacted, with the following estimates of the 10-year increase in debt as a percentage of GDP:
So far, the Tax Policy Center has only published full analysis for the Bush and Trump tax plans, but rest assured all the Republican presidential candidates — yes, all of them — are competing to wreck the federal balance sheet. Mostly via tax cuts tilted toward the very wealthy.
Will the Wisconsin State Journal editorial page notice any of this? Editor Milfred frequently sounds like a guy who wants to pay for things. Republicans, too, like to talk about balanced budgets. Could it all be just political posing? Well, yes, it could. How should we evaluate politicians who talk about fiscal responsibility but do not act? How should we evaluate opinion writers who never seem to notice these patterns?
This country did, in fact, have a balanced budget 15 years ago when Bill Clinton turned over the reins to George W. Bush. W, of course, promptly piddled it away, mostly on tax cuts for the rich. Sound familiar?
Of course, the balanced budget of the Clinton years is carefully and intentionally never mentioned by Republicans. But it’s also never mentioned by our local daily newspaper… which makes one think.