October 06, 2006

Why Elect Republicans? National Security, Plus… Remember the Old Clinton Line- “It’s the Economy”?

Pelosi says that if Speaker, she would seek:

"Pay as you go," meaning no increasing the deficit, whether the issue is middle class tax relief, health care or some other priority.

I actually like that, with exceptions for cases where it would harm national security. But instead of seeking a law or a rule that would actually achieve that goal, she seems to just be using that argument as a justification for the same old tired, failed, harmful Lib goal of raising taxes:

To do that, she said, Bush-era tax cuts would have to be rolled back for those above "a certain level." She mentioned annual incomes of $250,000 or $300,000 a year and higher, and said tax rates for those individuals might revert to those of the Clinton era. Details will have to be worked out, she emphasized.

She wants to roll back the Bush tax cuts that have powered the national economy such that:

• The stock market has just hit record highs for three consecutive days.
• In August tax receipts showed the biggest gain in 25 years.
• Tax cuts have resulted in a tremendous increase in consumer wealth, and have greatly cut the deficit.
• The GWB tax cuts did not favor the rich, as Pelosi claimed, but, per IRS data, benefited all income groups. Those earning more than $75,000 got a tax cut that was lower than the the one received by those earning less than $75,000. And there were no tax cuts for those earning over $200,000. Yet those earning over $200,000 a year, pay almost 47% of all income taxes. 

Yet here’s Pelosi’s rationale for wanting to raise taxes:

"We believe in the marketplace," Pelosi said of Democrats, then drew a contrast with Republicans. "They have only rewarded wealth, not work."

She says she believes in the marketplace, but she wants to crush the economy by raising taxes. She incorrectly claims that the GWB tax cuts favored the rich. She uses the pandering talking point that the tax cuts oppressed the less successful so as to increase the wealth of the more successful, even though this is contradicted by the facts.

Remember Clinton’s rude line about why he should be elected—"It’s the economy, stupid?" Well, the economy’s doing great, and Pelosi wants to crush the thing that’s powering it.  The Republicans should modify Clinton’s line to take the rudeness out of it, and use it in this election. 

Update 10-6-06 : The post linked above, from last June, estimated a budget deficit that could be as low as $300 billion. Today, the new estimate is out for the fiscal year. It shows an estimated budget deficit of just $250 billion.

The GWB tax cuts are powering this economy. But the Dems want to roll them back.