Today, House Republicans released their budget plan, entitled “The Republican Road To Recovery.” They claim the plan “curbs spending, creates jobs and lowers taxes, and controls the debt; and it will soon have our economy growing again.”
For an “alternative budget,” however, it is very short on numbers, including no mention of deficit implications. And the plan for creating jobs and sparking economic growth is actually undoing the stimulus and then cutting additional spending:
Republicans propose to undo the recent reckless and wasteful Democrat spending binge included in the so-called “stimulus” and omnibus bills. In addition, Republicans would cut overall nondefense spending by reforming or eliminating a host of wasteful programs deemed ineffective by various government entities.
Of course, stimulus dollars are already on their way out the door, so it’s difficult to envision how one would “undo” the bill. But even if it could be done, it would be an act of neo-Hooverism that would make Sen. Chuck Grassley’s (R-IA) insane three-year spending freeze look wise and prudent. In any case, this plan shows that Republicans are wedded to the notion that the country needs to “[limit] the federal budget from growing faster than family budgets,” when what it needs is the federal government to provide the demand that households can’t.
And while expressing great concern for the spending that goes along with stimulating the economy, Republicans express very little concern for the deficit effect of massive tax cuts for the rich. Their plan calls for lowering the 35 percent, 33 percent and 28 percent income tax brackets to 25 percent, which are hugely regressive cuts that would gut government revenue. (They also sweep into the 10 percent bracket everyone making up to $100,000, a level which currently falls into the 25 percent bracket.)
As Matthew Yglesias noted, “It’s strange that the Republicans railing about long-term deficits seem to love long-term deficits when the point of the deficits is to further enrich the rich.” Indeed, the plan shows that Republicans are very concerned with preserving the wealth inequality of the Bush era, while dismissing the need to substantively address health care, climate change, or job creation.