That is, lowering taxes as a way to stimulate the economy is a big lie perpetuated by politicians from both parties. And, he is especially critical of the crying jag tears produced by the wealthiest who can afford to pay the freight.
Stockman’s latest rant was aired on 60 Minutes Sunday night in a segment in connection with a tax increase for the super rich on Tuesday’s election ballot in Washington state.
I don’t want to misinterpret Stockman, but I think his message is that tax increases are literally off the table in political policy discussions and this is a big mistake for it represents only one part of the equation for economic recovery.
Here’s one account from his 60 Minutes appearance:
Cutting taxes has become “in a sense, an absolute … something embedded into the catechism” of the GOP, Stockman tells (CBS correspondent Lesley Stahl. “Scratch the average Republican today, and he’ll say ‘tax cuts, tax cuts, tax cuts.’ ”
Stockman brands that approach “rank demagoguery.”
“If these people were all put in a room on penalty of death to come up with how much they could cut, they couldn’t come up with $50 billion, when the problem is $1.3 trillion,” Stockman complains. “So to stand before the public and rub raw this anti-tax sentiment, the Republican Party, as much as it pains me to say this, they should be ashamed of themselves.”
But Stockman says the Democrats are going the same route and cites the example of President Barack Obama advocating a permanent tax cut for the middle class.
“We have now got both parties essentially telling a big lie with a capital B and a capital L to the public,” Stockman tells Stahl. “And that is that we can have all this government, 24% of GDP, this huge entitlement program, all of the bailouts and yet, we don’t have to tax ourselves and pay our bills. That’s delusional.”
And this from a more biased news outlet:
Stockman cites a remarkable statistic: “In 1985, the top 5% of the households – the wealthiest 5% – had net worth of $8 trillion – which is a lot. Today, after serial bubble after serial bubble, the top 5% have net worth of $40 trillion. The top 5% have gained more wealth than the whole human race had created prior to 1980.”
Stockman thinks there should be a special 15% surtax on the wealthiest Americans to help pay down the deficit.
I am certain my Republican friends, even the poorer ones, would not take kindly to what Stockman has to say. Forgive them, for they are delusional, and have drunken the nectar.
The spinmeisters — CNBC’s Larry Kudlow in particular — may have plenty to say about this. Just a guess.
As I have said many times before in these columns, taxes is a four-letter word.
I think the rich are winning this con game. Some day, as the middle wage earners realize their annual income is stagnant if not lower, that they cannot afford their homes or send their children to college, that their quality of life is not as bright as their parents, the time will come to assess blame not on the politicians but the rich who own them.
Our nation is sliding into various degrees of an economic caste system. Is that really what the Tea Party Republicans mean when the few zealots among them are already suggesting second amendment remedies?
Cross posted on The Remmers Report
Comments are welcome. Link to my blogsite or go to my email address at [email protected] . Remmers’ varied career spans 26 years in the newspaper business.
Jerry Remmers worked 26 years in the newspaper business. His last 23 years was with the Evening Tribune in San Diego where assignments included reporter, assistant city editor, county and politics editor.