Tuesday, August 24, 2010

GOP's Morally Bankrupt Plan: Cut Social Security, Shovel Cash At Millionaires

Consider a few facets of the Republican economic plan should they return to power. We have House Minority Leader John Boehner (R-OH) calling for raising the Social Security retirement age to 70 and cutting benefits. Couple that with the effects of GOP calls to extend the Bush tax cuts for millionaires:

A Republican plan to extend tax cuts for the rich would add more than $36 billion to the federal deficit next year -- and transfer the bulk of that cash into the pockets of the nation's millionaires, according to a congressional analysis...

New data from the nonpartisan Joint Committee on Taxation show that households earning more than $1 million a year would reap nearly $31 billion in tax breaks under the GOP plan in 2011, for an average tax cut per household of about $100,000.

Such plans even draw objections from some conservative economists:

Even some Republicans, including Reagan administration budget chief David Stockman and former Fed chairman Alan Greenspan, have urged lawmakers to let them expire and allow income tax rates to pop back up to their levels during the Clinton administration.

The incoherence of the Republican position is displayed by the fact that many of them pose as deficit hawks. Sure, they want to cut spending on programs like Social Security–but only in order to continue shoveling cash at the millionaires and billionaires who are crucial to their campaigns. Such contributions are easier to make than ever, thanks to the Supreme Court's conservative judicial activism in terms of rejecting corporate campaign spending limits.

Of course, Senate Minority Leader Mitch McConnell (R-KY) wonders what all the fuss is about, asking of the tax cuts, "Why did it all of a sudden become something that we, quote, ‘pay for’?" The Joint Committee on Taxation also refutes McConnell's assertion that ending the cuts will "affect 50 percent of small business income"; according to the committee, it will affect less than 3 percent.

Sam Seder asked several New Yorkers what they thought of Republican plans to cut Social Security and extend Bush tax cuts for millionaires. One presented a succinct summary: "They value wealth over everything and they just want the rich to get richer... To cut social security and at the same time give massive tax cuts to the wealthy while complaining about a deficit is immoral, disgusting and stupid." Watch:

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