What would you do if you saw somebody standing at the top of a skyscraper, about to jump? Would you avert your eyes in horror? Would you watch in dismay as they plummeted to the ground?
These are similar to the thoughts that are going through my mind as I watch Republicans begin the process of capitulating to a tax increase as part of the Supercommittee process.
Indeed, this is one of those moments when I desperately wish I was wrong. I warned back in August that the Supercommittee was a tax increase trap. Republicans have this lemming-like instinct to jump off the cliff, even though they get taken to the cleaners every time they agree to real tax increases and get make-believe spending cuts in exchange.
Here’s a depressing paragraph from a recent Washington Post story.
Tensions have mounted in recent days as two of the GOP’s most fervent anti-tax stalwarts on Capitol Hill — Sen. Patrick J. Toomey (Pa.) and Rep. Jeb Hensarling (Tex.) — have lobbied party colleagues behind the scenes to forgo their old allegiances and even break campaign promises by embracing hundreds of billions of dollars in tax hikes.
What makes this potential sellout so disturbing is that every dollar of tax increases will enable another dollar of wasteful spending.
Here’s what George Will wrote in his latest column about the GOP’s foolish naiveté.
Although only 21 of the 242 Republicans in the House and eight of 47 Republicans in the Senate were on Capitol Hill in 1990, everyone there should remember the results of that year’s budget agreement, wherein President George H.W. Bush jettisoned his “no new taxes” pledge: Taxes increased. So did spending. And the deficit. Economic growth decreased.
Today, at 11:20 AM PT: Get the Market Movements in Advance; Williams Edge Webinar for July 9th, 2014 | John Ransom
In Other News: America's Favorite "Gun Free Zone" is Plagued by Weekend Gun Violence | Michael Schaus