Tuesday, November 27, 2012
President Obama likes to say that he wants a “balanced” approach to address our nation’s fiscal challenges. Presumably, this means a mixture of spending cuts and tax hikes to get our fiscal house in order. He has been very specific about the tax increases he wants, but on the spending cuts, he has been deliberately vague. Why has no Democrat come forward with any kind of compromise on entitlements or spending reform?
The media is obsessed with every GOP lawmaker who makes noise about being open to increasing government revenue. Its a simple narrative. These “mavericks” are going against party orthodoxy and assuming the role of statesmen to get the increased revenue we apparently need to avoid the “fiscal cliff.” In reality, they aren’t promoting anything that hasn’t been part of the GOP playbook for decades. The party has always been open to closing loopholes and deductions in exchange for lowering marginal rates. That is a foundation of supply-side economics. I will take that deal all day long.