Cohn obviously resents any proposals that would deprive liberals of the Monopoly money they use to effectuate their social planning schemes, even though extending the status quo would guarantee national insolvency and the disastrous consequences it would bring. How do they figure government dependents would fare if that were to occur?
Instead of contributing something -- anything -- toward long-term solutions to the problems they largely caused, Cohn and his fellow liberal finger-pointers are scapegoating Ryan and Republicans for offering a reasonable plan to navigate us out of this mess.
The Washington Post's editors are no better. They lead with what they pretend is a self-evident truth but what is no more accurate than their Keynesian maxim that deficit spending stimulates the economy. "There is no credible path to deficit reduction," they write, "without a combination of spending cuts and revenue increases."
Sorry, but after a certain point, tax rate increases yield diminishing marginal returns for the revenue ledger, which we've seen throughout our history at both the macro (entire economy) and micro (luxury tax) levels. No matter how high they jack up the tax rates, they're not going to produce a significant fraction of the additional revenue needed to balance the budget, let alone begin to reduce the national debt.
Try a simple exercise: Compare the Bush budgets with the Obama budgets, and see the startling amount of difference economic growth makes on the generation of revenue. We're talking hundreds of billions of dollars.
I don't believe that Ryan is proposing tax cuts primarily because he believes we pay too much in taxes. I think he did so because of the practical reality that we can't ultimately balance the budget -- even with substantial spending cuts -- unless we have a growing economy that yields a bigger pie to generate sufficient revenue.
The painful truth is that Ryan's plan is modest and moderate, not grandiose and extreme. If you want to criticize it, do so on the basis that the country could use an even bigger fiscal diet, not that it is too severe.
Democrats and their liberal helpmates are stoking the flames of the fire that threatens the republic; Ryan and others are driving the firetrucks and are merely debating over how big the hoses should be.
In a saner and less polarized nation, Obama would be ousted in a historic landslide in November. He very well may be.
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