President-elect Barack Obama launched his campaign Monday for a massive package of tax cuts and spending proposals aimed at reviving an economy mired in recession.It would be absolutely hypocritical of me to praise this tax cut proposal merely because it's coming from Barack Obama. I spent that last eight years calling the tax cuts enacted by George W. Bush the epitome of irresponsibility and that is what these newly proposed cuts would be.
...[Obama] will propose roughly $300 billion in tax cuts.
I understand that this economic downturn is the worst since 1929. I understand that the incoming administration needs to do everything it can to change course and keep the American financial sector from driving itself over the cliff that Mr. Bush has been steering it toward. And I understand that I am no economic expert. But it seems to me that our economy can't keep running record deficits year after year after year.
Sure...deficits are acceptable when the country is fighting a war, although I was one of the few to argue back in 2001 that the current war required a tax increase or a delay in the enactment of the Bush tax cuts (after 9/11 I don't think Americans would have minded). And deficits shouldn't be ruled out when we face an economic downturn like the current one. Spend to stimulate the economy, perhaps reduce taxes for small businesses, and if it's absolutely necessary for political reasons (Republicans can still filibuster a budget bill in the Senate), then perhaps a much smaller income tax reduction could be worked out.
But a super-duper mega tax cut similar to the one being introduced by the incoming president? As our annual budget deficit nears $1 trillion??
He'd better have a way to pay for it later. Otherwise, I challenge him to sit down with Malia and Sasha and tell them why they're going to have to pay - big time - for his bone-headed and irresponsible move.
