Hey, guess what? Republicans are economic geniuses. The deficit is down! Of course, it still exists, so there isn’t really much to be happy about. But I’ll let the president bask in his fantasy world:
During his news conference, Bush predicted that the Republicans would maintain control of both the House and the Senate in part because of Democrats’ stand on taxes.
“There’s a difference of opinion in the campaign about taxes,” Bush said. “I would like to … make the tax cuts permanent. And the Democrats will raise taxes.”
President Bush is lying, or at least delusional, if he thinks his actions as president will lead to permanent tax cuts. Trillions in unfunded liabilities means there will be a tax increase coming. Just because it doesn’t happen while he occupies 1600 Pennsylvania Avenue does not mean he did not raise taxes. That doesn’t mean I think Democrats are correct to want to raise taxes (“only” on the “rich”). They’re not, even though they’ll try, because slashing spending is much more immediate, with more predictable results. But with two sides of the budget problem, spending and revenue, focusing on one, however misguided, is better than focusing on neither.
My recommendation? The president should say I told you so when tax increases land on his desk in 2007 as he stamps a veto on the legislation. Rinse and repeat every time the Congress sends the same tax hike his way. Mmmmm, gridlock.