from a bad budget to a blue wave?

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Steve Benen points out that--shock!--every criticism of the Republican tax plan is proving to be true:

During the abbreviated debate over the Republican tax plan, Democrats said the corporate beneficiaries of the tax breaks would use their windfalls on priorities such as stock buybacks. We now know, of course, that this prediction turned out to be true.

"Critics of the GOP plan," he continues, "also said it included all kinds of sloppy and consequential errors that would need fixes, which is also happening:"

Dems also warned that Republican leaders would use the impact of the tax cuts as a pretext to go after social-insurance programs - sometimes called "entitlements" - such as Social Security. That, too, is coming true.

And, of course, progressive opponents of the GOP tax breaks said the proposal would do real harm to the nation's finances, and wouldn't come close to paying for themselves. We can now add this to the list of things Dems got right and Republicans got wrong. [...]

Note that the budget office [the report is here (PDF)] projects the annual budget shortfall will swell this year to $804 billion, before growing to $941 billion next year and $1 trillion in 2020.

As Benen writes, "at some point, Republicans probably ought to face some accountability for the fact that their promises about tax breaks are always wrong." Politicus USA points out that "it is the estimated cumulative deficit over the next decade that will cause the most problems:"

The tax plan won't pay for itself. Massive deficits will lead to pressure to cut back social programs. The Congressional Budget Office estimates that the federal deficit will be $1.6 trillion larger than previously projected, thanks to the misguided Republican plan.

In fact, current projects show that by the year 2028, our national debt will be nearly as large as our entire Gross Domestic Product. This is not sustainable.

We can only hope that Ryan's retirement means that our country will also retire his right-wing ideology that is leading our country to a disaster. Our only hope is that sanity will be restored to Washington and there will be a massive Blue Wave in the 2018 midterm elections.

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This page contains a single entry by cognitivedissident published on April 16, 2018 8:05 AM.

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