There’s been considerable discussion on right wing blogs and media lately discussing economic issues. The size of US debt (which is considerable), the dangers of such a high debt (which are true) and the idea that only the GOP can save us from financial disaster through fiscally responsible governing (which is a myth of epic proportions).
"What?" you say. "How can that be when the Obama administration has spent so much and in his FIRST year had the highest deficit ever?" "Pork barrel spending is bankrupting our country!" "Obamacare is going on the credit cards of future generations!"
We’ve all heard the same song over and over this last year. Always ending with the same chorus, "Republicans are the party of fiscal responsibility and only they can return us to prosperity! Democrats are the party of socialist, spendthrifts willing to destroy our financial system!"
Now we must be clear that Republicans are right that current deficit levels are unsustainable. It is admirable Republicans are so willing to champion the cause of fiscal responsibility. Though many of us wish they had been this concerned back then....when they were in power. But you can’t have everything.
Today’s Republican is a far cry from the Republicans of the past. And by "past", I mean like five years ago.
You know "THOSE" Republicans. The ones that controlled the White House, Senate and House while starting two wars (without funding them), provided the largest tax cut in history (which lowered revenues thus becoming the single largest contributor to the current deficit) and voted for an unfunded Medicare prescription drug program.
But, hey, the myth is very clear.....these "NEW" Republicans of 2010 are the fiscally responsible party.
They’re the ones that announce a party-wide moratorium on "pork barrel" earmarks....for one whole year! (I’m sure the fact that it’s an election year has nothing to do with this new GOP initiative.) A proposal that was co-signed by 10 GOP House Leaders; who have received more than 244 million dollars in earmarks since 2008.
These NEW Republicans propose a budget without any numbers involved one year. Then for the next year’s budget they have GOP Congressman Paul Ryan put forth a proposed budget with scary numbers. The Center for Budget and Policy Priorities tells us it offers the largest tax cut in history for the wealthy offset by slashing Medicare and social security benefits, eliminating the children’s health insurance program, by raising taxes on the middle class and establishing a consumption tax on all Americans. It is estimated that even with all of these cuts....the tax breaks given to the wealthiest Americans would drive the deficit up to 175% of GDP by 2050.
These are the Republicans that vote AGAINST the establishment of a Bi-Partisan Budget Commission, whose purpose was to propose ways to decrease the deficit. Seven of the twenty three Republicans who voted against the bill....were co-sponsors of the bill!
New Republicans in a party line vote; all voted AGAINST Paygo. A fiscally responsible measure that requires all new government expenditures be paid for by either increasing revenues or decreasing expenditures. It’s ironic that this policy was a product of the OLD Republican-led Contract with America....and ultimately left President Bush with a 128 billion dollar budget surplus in 2001. (Ooooops!)
This NEW Republican Party is the one that constantly points to the amount the deficit grew under President Obama’s first year without acknowledging that during 2009, President Obama was working under President Bush’s budget.
NEW Republicans are the party that refuses to give credit to President Obama for INCLUDING the cost of the war efforts in the budget as opposed to funding it through emergency spending. Thus making the deficit productions of his administration higher than his predecessor but also more honest.
NEW Republicans cry about the size of the deficit while fighting against a Health Care Reform bill that the CBO estimates will cut the budget by $118 billion in the first 10 years and over $600 billion in the next 10 years.
Now fairness dictates that we admit that President Obama has increased the deficit in this country. But not nearly as much as NEW Republicans would like you to believe. An analysis presented by the New York Times and echoed by the Center for American Progress shows that 40% of the current deficit is directly linked to the policies of George Bush, 20% is due to lost revenues caused by the recession, 12% of the deficit comes from financial bailouts started by Bush and only 16% of the deficit is linked to the policies of President Obama. What’s even more ironic is that most of the 16% that President Obama has added to the deficit comes from his extension of the Bush tax cuts that were set to expire at the end of this year.
As I stated, the budget deficit is one of the most significant problems facing our country. And both parties must claim a part of the responsibility for it’s size. But I personally am tired of the hypocritical boastings of a party that gives lip service only to budgetary restraint and fiscal responsibility. The NEW Republican Party....the mythical party of fiscal conservatives!