Thursday, May 31, 2012

Romney's Budget Plans To Add $47 Trillion to Deficit by 2050

Actually, I had to re-read the forecast given in the May 5th issue of The Economist, to be sure I'd seen it correctly. But there it was on page 32. If Mitt Romney wins the election, and Republicans take back the Senate (which they likely will on the coat tails of Romney) and the Tax Bagger GOP keeps the House then they'd (retroactively) make ALL Bush tax cuts permanent. Factoring in the existing interest, and that yet to be compounded from the permament cuts (which a Ryan budget promises to tilt even more to the rich) then we can estimate that in 38 years, by 2050 - we will have added $47 trillion to the deficit.

Of course, Romney and Co. will have to know savage domestic cuts would be the only things likely standing between keeping the austerity hounds at bay or breathing down the U.S. collective throat. Hence, if the Bush cuts are made permanent, then look to cuts across the board to subsidized housing, to schools, to food stamps, and likely to Medicare and Social security.

We will have the Wolf at the door, and he will be garbed in Republican red.

Anyway, we'll wait and see. Hopefully, more people will come to their senses before November and not allow Mitt and Repugs to have a one party state to do with as they please. Remember, they never earned their badges in the first place, opting to impede almost everything Obama has done since his inauguration.

Lastly, the Milquetoast Dems share some blame in all this, and the possible horrific future on offer. Had they stopped playing poltics and killed the Bush tax cuts for all, as opposed to mounting a supercilious defense of middle class cuts to the exclusion of the wealthiest (knowing the Goopers would never agree) we'd not now be staring oblivion in the face should Romney and the GOP win in November. The Zombie cuts would have been dead, likely never to rise from their grave again.

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