Wednesday, December 8, 2010

GOP Math Lessons

This week was an interesting week in Washington DC if you are following the President and Congress and their showdown on taxes.  At the end of last week, President Barack Obama proposed a two-year freeze on the salaries of federal workers.  This would have had dramatic savings of 10 billion dollars in the first year.

A deal was struck by the White House and the GOP extending the Bush era tax cuts for two more years.  Cribbing from Yonk:

The overall cost in lost revenue to the government is at least $450 billion in 2011 (or a tad higher than the yearly cost of the 2009 stimulus) and could climb as high as $600 billion depending on how much the economy grows over the next two years.
Dr. Robert Reich has this to say:

It will cost $900 billion over the next two years — larger than the bailout of Wall Street, GM, and Chrysler put together, larger than the stimulus package, larger than anything that’s come out of Washington in years.

It makes a mockery of deficit reduction. Worse, the lion’s share of that $900 billion will go to the very rich. Families with incomes of over $1 million will reap an average of about $70,000, while middle-class families earning $50,000 a year will get an average of around $1,500. In addition, the deal just about eviscerates the estate tax — yanking the exemption up to $5 million per person and a maximum rate of 35 percent.

Who got shafted???? Individuals making under 20K and families making under 40K will actually see a tax increase.

By the middle of the week, General David Petreaus was saying our commitment in Afghanistan could last into 2014.  The going rate to fight the war over there is about 2 billion per week.

Lastly, a bill to give Social Security recipients a one-time check of $250 was defeated. The goodness there are reps to stand up for our grandchildren like this one:

Rep. Sam Johnson of Texas, the top Republican on that subcommittee, acknowledged that disappointment but noted the big increase seniors received in 2009 and the fact that a COLA increase means there will be no rise in Medicare Part B costs for doctors' visits. "Increasing our nation's crushing deficit on the backs of our children by an additional $14 billion is wrong," he said.
The Scorecard looks like this:

Federal Workers - 10 Billion - No
The Elderly - 14 Billion - No
Lifestyles of the Rich and Shameless - 450 Billion - a resounding yes
The War Machine (For Afghanistan) - 2 Billion x 52 weeks x 3 years = 312 billion (very conservative and doesn't count Iraq.)

When either party talks about deficit reduction, they are both full of shit.

In closing, when I hear one more politician talk about donating a salary to charity, please pass the barf bag.  First, you have to accept the salary.  Next, you have to donate it.  Last, you get to write it off on your taxes!!!!!

No comments: