• Government Debt and Political Hypocrisy (by both parties)

    I just read the comment of a Democratic friend who is shocked, shocked that Pres. Trump’s tax proposals will increase the US budget deficit.

    Factually, he’s right. So say all the static projections I’ve seen.

    But, as Paul Harvey used to say, here’s the rest of the story.

    My comment: US debt is a serious issue, but the political sparring is utterly hypocritical. It’s not just my Democratic friend. The Republicans are filling the air with their own false platitudes.

    Under Pres. Obama, US government debt doubled. We were not in a recession, as measured by economists, though we were coming out of a scary one.  During the Obama presidency, the economy was growing, albeit slowly.

    While Pres. Obama, Harry Reid, and Nancy Pelosi were busy blowing up the budget, the Dems had only praise for “government investments” and “the stimulus effect.” As for the spiraling national debt, they were deaf, dumb, and blind. But they sure played a mean pinball.

     

    Here is the data from the (truly) non-partisan Center for a Responsibility Federal Budget, which does not lay all the blame on Pres. Obama.

    Not only were the totals substantially higher, they were substantially higher as a percentage of US GDP.

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    The Sky Is Falling . . . or not

     

    At the time, Republicans strenuously complained, “The sky is falling.”

    Now, the shoe is on the other foot–and it is the other party complaining.

    And the rebuttals are coming from Republicans, not Democrats.

    It is the “party of fiscal responsibility” that is downplaying the impact of the tax cuts on national debt.

    Their main claim: “It’s all about growth.”

    The Democrats, who have never met a deficit they didn’t like, are complaining, “The sky is falling.”

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    Democratic Complaints about Republican Deficits

    The Democrats’ complaints center on two issues.

    • First, the plan is Republican and the government is controlled by Republicans, not their own party. In this Congress, with this President, the Democrats’ attitude echoes Groucho Marx’s song, “Whatever it is, I’m against it.”

    • Second, the deficit will be caused by the government taking less money from citizens rather than the Democrats’ preferred way of running deficits: excess government spending.

    Both sides richly deserve the Claude Rains Medal for hypocrisy.

  • Hypocrite of the Day: Comedian John Oliver

    Oliver earns his living making fun of conservatives, the right, and anyone who dislikes his vision of an ideal society, which is essentially European socialism.

    So, it was amusing to see that he and his lawyers have figured out the best way to avoid the taxes needed to pay for this utopia.

    The story is here, at the Observer.

    The headline: The John Oliver Property Tax Scam: HBO Comedian Secretly Buys Manhattan Mansion

    The subheader: Liberal Deity avoids taxes by using loophole created by Donald Trump

    To quote from the Observer story:

    The hypocrisy really gets ratcheted up with John Oliver, the No. 1 darling to so many liberal anti-Trumpies, who regularly attacks GOP tax schemes as giveaways to the rich and detrimental to the poor.  . . .  Oliver even briefly established the bogus Our Lady of Perpetual Exemption to draw attention to tax-exempt status granted to churches and charities.

    [In July 2014] Oliver said, “At this point the rich are just running up the score…What sets America apart is that we are actively introducing policies that disproportionately benefit the wealthy,” such as tax cuts and loopholes like trusts.

    So it’s a little surprising to discover that just months before, Oliver had a tax attorney set up two revocable trusts, one for him and one for his wife, to hide the couple’s purchase of a $9.5 million Manhattan penthouse. Then he used a tax loophole created by Donald Trump himself back in the 1970s.   . . .

    But just four months before Oliver’s July show, he had hired slick New York law firm Proskauer Rose LLP, which, in addition to union-busting and representing BP America, ChevronTexaco and ExxonMobil, specializes in helping the rich find tax breaks and buy real estate. –The Observer

    And that law firm squeezed him through every loophole available in the building for the super-rich, where his neighbors are major domos in hedge funds and the like.

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    It is not wrong for the rich to favor redistribution. 

    It is not wrong to pay the least taxes you owe legally.

    But it hypocritical to hide your wealth, avoid all the taxes you can legally, and live a pampered life among the rich while simultaneously criticizing everyone else for doing exactly what you are doing.

    Ultimately, he’s just another vote for the late Sen. Russell Long’s insight: