The ‘Pub establishment has rolled over again. They’ve joined the democrats on extending unemployment and the reduction of Social Security contributions. That means more and more debt. What difference is there between John Boehner and Nancy Pelosi? I’m not seeing much. The end results are the same.
I’m not the only one questioning these acts. The editorial below just appeared on the Investor’s Business Daily editorial page.
Posted 02/15/2012 06:39 PM ETTax Deal: Republicans are being lauded for their political savvy in agreeing to extend the payroll tax cut and jobless benefits for another year without paying for it. Well, it may be good politics, but it’s bad on principle.…Without action by Congress, the payroll tax cut would have expired at the end of February. Republicans knew they would be tarred by the Democrats and the mainstream media — is there really any difference? — for “raising taxes” on 160 million Americans when it did.So instead of opposing it, as they did last year, the GOP went along with Democrats to extend it.…The big problem with this is that it adds $100 billion to the deficit and won’t be offset by cuts elsewhere. It moves up the bankruptcy of the Social Security system, while adding another $100 billion to our debt — all for a benefit worth less than $20 a week to average workers.This is political pandering at its worst. And as we noted earlier this month, a new study of industrial nations finds that payroll tax cuts don’t boost the economy. Personal income tax cuts and business tax cuts do, but Obama and the Democrats want to raise those.So we’re spending $100 billion for what? Politics.To their credit, Republicans tried to behave like responsible adults on this. In both last summer’s debt ceiling debate and in December’s battle over the payroll tax, they insisted that the payroll tax cuts be paid for.They were pilloried for it, portrayed as mean-spirited advocates for the rich. That’s a lie. So not to be outmaneuvered again, the GOP lowered itself to the cynical level of President Obama and the Democrats by keeping the economically useless payroll tax cut in place.…GOP voters need to know their party is a party of principle — and not just about getting elected. What today looks like a smart political move may in the long-run come back to bite the Republicans if Democrats use this as a precedent for spending more without making cuts.For the record, we think this is the most important election since at least World War II. A party that makes a case for less spending, lower taxes, smaller government, fewer regulations and a strong defense can win it.Only Republicans can make that case. This latest move, however politically astute it was, doesn’t do it. More principle, less politics, please.