House action last week showed us another example of the incredible hypocrisy of this GOP-led Congress. Glenn Grothman (6th CD-WI) and Jim Sensenbrenner (5th CD-WI) voted for a Balanced Budget Amendment to the Constitution.
In a pompous Thursday floor speech, Sensenbrenner declared that "This proposed constitutional amendment will give us the discipline that we have not had as we’ve sat and watched the deficit go up and up and up and away". He admitted, "Congress can’t discipline itself."
Sensenbrenner has been a Congressman since 1979. Based on his long-term record, It is clear that old Jim is one of those without discipline. He voted for the Reagan tax cuts. He voted for the Bush II tax cuts. He and Grothman voted for the Trump tax cuts. They are as responsible for mortgaging America's future as anyone in the House. Showboating with their goofy Balanced Budget Amendment does not disguise that fact.
We don't need a Balanced Budget Amendment to do the right thing. Fiscal responsibility is not rocket science. In order to balance a budget, we must take-in at least as much as we spend. During prosperous times, we should put-away a surplus as a buffer for less prosperous times.
The traditional Republican modus operandi, as followed by Sensenbrenner and Grothman, flies in the face of common sense. They borrow heavily to cut taxes during good times. They borrow heavily to cut taxes during bad times. They purchase every conceivable weapons system. This long-term fiscal irresponsibility gave us the large Reagan deficits. They took us from the Clinton budget surpluses to the huge Bush II deficits. They are now taking us from the economic restraint of the Obama years into a new economic dumpster fire.
The GOP tax scheme that was jammed through Congress in December will have a devastating effect on our national solvency. The CBO projects a return to trillion-dollar annual deficits. They project a mind-boggling $27 trillion national debt by 2027.
At the end of the GOP's reckless tax-cut-and-spend binge, average Americans will not be better-off. By the time that the full effect of the tax scheme has kicked-in in 2028, fully 80% of the benefit will go to foreigners. By 2027, an estimated 83% of the tax cut will go to the top 1% of earners. You and other average Americans will be forced to clean-up the Republican's economic mess.
After voting for this monstrosity of a tax bill, Grothman and Sensenbrenner have the gall to claim fiscal responsibility. They have the brass to strut around, pretending to be deficit hawks. They were both front and center in promoting the for-show Balanced Budget Amendment. In reality, they are deficit peacocks. While talking a good game, they vote for schemes that will make US deficits far worse.
If a Balanced Budget Amendment were to come to pass, the main effect would be to protect us from the fiscal malfeasance of Congress members like Sensenbrenner and Grothman.
As expected, the proposed Constitutional Amendment went down in defeat on Thursday. Amendments require a 2/3 vote to pass the Congress. This proposal received only a 233-184 vote, with most "ayes" coming from Republicans.
We need more than cynical posturing from our Representatives. If Sensenbrenner and Grothman were were serious about the ballooning national debt, they would reduce the grossly bloated military budget. They would not have axed governmental revenue through their ruinous tax scheme. Their votes last week for a silly Balanced Budget Amendment were a ruse to distract us from their gross fiscal irresponsibility. We are not so stupid as to be fooled by their antics.
I have to confess. I am a fiscal conservative. Other than during a deep recession or national emergency, I believe that the Federal Government should not spend more money than it takes in.
Senator Ron Johnson has long claimed to be a fiscal conservative, too. However, Johnson has totally reversed himself by supporting current GOP efforts to slash federal taxes on corporations and the ultra-rich.
While we are running deficits, we have absolutely no business in drastically increasing defense spending. We should not take-on purposeless multi-billion dollar projects like the DOTUS's Great Wall. We cannot afford to waste tens of billions on political stunts like IQ45's ending of supplemental ACA payments. We cannot justify huge pay-outs to the profitable pharmaceutical and fossil-fuel industries. And most of all, we should not reduce the amount of money coming-in by enacting humongous tax cuts.
Although I reject Sen. Ron Johnson's Tea Party approach on almost every issue, I have agreed with him on one thing. I saw Johnson's budget Power Point presentation several years ago during a West Bend town hall. He made the point that the growing Federal debt is a big problem. I totally agree. I appreciate the fact that he has brought attention to this problem. However, I do not agree with his placing the blame on Social Security and Medicare. We should not gut these programs that we have paid-into in our entire working lives.
But Johnson can no longer claim to be a fiscal conservative. He is currently a big proponent of so-called tax reform. There are two things he, and all Republicans, co-mix in that term. There is tax simplification, in which many of the byzantine rules of the current tax code would be revised to make filing taxes simpler. It is hard to argue against this. Who doesn't like the idea of a tax-return the size of a postcard?
However, the GOP's main drive for "tax reform" is not simplification. That is merely a diversion. The real motivation is to cut taxes for the wealthy and corporations. This fiscally destructive move is being insisted on by major Republican donors. Depending on the final details, the GOP bill will add between $1.5 and $2.2 TRILLION dollars to the national debt over the next ten years.
Anyone who is concerned about deficits should be terrified of the Republican tax plan. This isn't rocket science. If you bring-in less money than you spend, then you run deficits. If you enact policies that drastically axe the amount of money coming-in, you make those deficits even larger.
However, many of the Republican politicians touting tax reform want us to believe that multi-trillion-dollar tax cuts will fund themselves. They are feeding us the lie that we will miraculously see such incredible economic growth that the government will actually see higher revenue. Variously called trickle-down economics, or voodoo economics, or bullshit, this has been shown time after time to simply not work. It didn't work in the '80's under Reagan. It didn't work in the 00's under Bush. It isn't working at the state level in the basket-case of Kansas.
Congressional Republicans put so much faith in the myth of self-funding tax cuts that they are calling on the CBO to score their tax-giveaway using fantasy numbers. They do not want the CBO to use realistic projected economic growth numbers to determine how badly the federal debt will balloon (so-called static scoring). They want the CBO to assume much higher growth rates, so that the resultant debt will not appear so cataclysmic (so-called dynamic scoring).
Like most Republicans, Ron Johnson has totally reversed his Obama-Era position that the deficit is important. He wants to run the US into ruinous debt by giving huge tax breaks to the already wealthy and to corporations enjoying record profits. During a September interview with the Koch-funded Americans for Prosperity, Johnson said that the tax reform he supports will lead to "a somewhat lowering of rates. From my standpoint, not even close to enough, but it's better than nothing."
Earlier this month, Johnson confessed that he was fine with being responsible for adding trillions to America's debt, "Just agree we’re going to lose money on a static scoring basis. I’m happy to live with a $2-3 trillion static loss."
So Ron Johnson is supporting what will be the largest corporate tax give-away ever. He is supporting a Republican effort to run America into a ditch of financial ruin. He is supporting policies that mortgage our children's future to give tax breaks to the one percent. He would be happy to add $3 trillion to the national debt. Fiscal conservative, my eye !
