Wednesday, July 6, 2011

The Looming Crises

by: Les Carpenter
Rational Nation USA
Birthplace of Independence Conservatism
Liberty -vs- Tyranny

Apparently there is more truth to democratic allegations of republican intransigence that I had previously chosen to believe. As I said in an earlier post republicans have an opportunity to show responsibility on deficit reduction and avoid what increasingly appears to be a likely default on our national debt obligations.

Representative Paul Ryan's response to David Brooks article yesterday is certainly not an encouraging sign. Ryan, and certainly other, seems more intent on refusing to go along with any revenue increases even though the trade off is highly favorable to the long term goal of debt reduction. Ryan it seems is more interested in winning an ideological battle than winning the war against fiscal irresponsibility.

My druthers would be that spending cuts and reform of entitlement programs were all that is done. Realistically though republicans need to show the ability to compromise where compromise makes sense. Compromise on the debt ceiling is one of t5hose issues that make sense. Democrats have shown the willingness to give ground, and it has been considerable. Perhaps Ryan, and the republican leadership should consider how reasonable people are going to respond if the U.S. defaults on it's obligation. An action that will, irrespective of what some think, have grave consequences.

Paul Ryan's remarks:
RYAN: What happens if you do what he’s saying, is then you can’t lower tax rates. So it does affect marginal tax rates. In order to lower marginal tax rates, you have to take away those loopholes so you can lower those tax rates. If you want to do what we call being revenue neutral … If you take a deal like that, you’re necessarily requiring tax rates to be higher for everybody. You need lower tax rates by going after tax loopholes. If you take away the tax loopholes without lowering tax rates, then you deny Congress the ability to lower everybody’s tax rates and you keep people’s tax rates high.

Listen to audio here:

The clock is ticking. Someone has to blink. How close to the brink will the republicans take the nation. It remains to be seen.

Via: Memeorandum

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