One voice crying out in the wilderness is the infamous Keynesian idiot, Paul Krugman.
First, Republicans have once again gone all in for voodoo economics — the claim, refuted by experience, that tax cuts pay for themselves.
Specifically, the Ryan proposal trumpets the results of an economic projection from the Heritage Foundation, which claims that the plan’s tax cuts would set off a gigantic boom. Indeed, the foundation initially predicted that the G.O.P. plan would bring the unemployment rate down to 2.8 percent — a number we haven’t achieved since the Korean War. After widespread jeering, the unemployment projection vanished from the Heritage Foundation’s Web site, but voodoo still permeates the rest of the analysis.
In particular, the original voodoo proposition — the claim that lower taxes mean higher revenue — is still very much there. The Heritage Foundation projection has large tax cuts actually increasing revenue by almost $600 billion over the next 10 years.
And where is the President - you know, that flaming socialist, Nazi-Commie, White-person-hating, Kenyan-born Muslim - B. Hoover Obama on all this?
More broadly, Mr. Obama is conspicuously failing to mount any kind of challenge to the philosophy now dominating Washington discussion — a philosophy that says the poor must accept big cuts in Medicaid and food stamps; the middle class must accept big cuts in Medicare (actually a dismantling of the whole program); and corporations and the rich must accept big cuts in the taxes they have to pay. Shared sacrifice!
I’m not exaggerating. The House budget proposal that was unveiled last week — and was praised as “bold” and “serious” by all of Washington’s Very Serious People — includes savage cuts in Medicaid and other programs that help the neediest, which would among other things deprive 34 million Americans of health insurance. It includes a plan to privatize and defund Medicare that would leave many if not most seniors unable to afford health care. And it includes a plan to sharply cut taxes on corporations and to bring the tax rate on high earners down to its lowest level since 1931.
But bold, serious-minded, level headed Repugnicants don't see it that way, of course.
Republicans reacted skeptically to word of Mr. Obama’s speech. “I sit here and I listen to David Plouffe talk about, you know, their commitment to cut spending and knowing full well that for the last two months we’ve had to bring this president kicking and screaming to the table to cut spending,” Representative Eric Cantor of Virginia, the House majority leader, said on Fox.
The timing of Mr. Obama’s remarks reflects a White House strategy devised late last year after Republicans won their House majority, together with the confluence of four events, two last week and two ahead.
Friday night’s 11th-hour agreement on spending cuts, which averted a government shutdown, removed what had been a distraction for months over this year’s unfinished federal budget. Administration officials said they also hoped that the compromise helped build trust with the House speaker, John A. Boehner, that would carry over to the larger debates about long-term spending and the national debt.
I, for one, take great comfort in Mr. Obama's efforts to earn the trust of Sir Boner of Orange. This is not only important, but really, really big, in the context of the impending need to raise the Federal Debt Limit because,
Speaking on Saturday in Connecticut, Mr. Boehner said Republicans would not agree to raise the cap “without something really, really big attached to it.”
And what might that big thing be (emphasis added)?
Three House Republican leaders, including Mr. Ryan, were on the fiscal commission; unlike the three Senate Republicans, they opposed the recommendations because they raised revenues and did not cut enough from health care.
Apparently, raising revenues is a bad thing among the supply-side crowd.. It's clear those serious Rethgs have specific goals, and concrete plans for how to achieve them.
So -- who do you think is ludicrous?
I nominate the hapless, hamstrung President and the Demorat Clown Corps.