Rush Limbaugh has a clever op-ed in the Wall Street Journal challenging President Obama to see which approach to stimulus really works best: have 54 percent of the stimulus package go toward infrastructure projects as determined by Obama, titular head of the Democratic Party, while 46 percent goes to tax cuts as chosen by Limbaugh, leader of the Republicans. (I do object to Rush lumping all of us who voted for wackos with the Obama voters.)
It’s a tongue-in-cheek piece that makes a good point, but unfortunately it’s not too far off from what the country saw under George W. Bush and to a lesser extent Ronald Reagan. Republicans mostly got the tax rates they wanted while the Democrats got most of the spending and government programs they wanted. This approach worked under Reagan because marginal tax rates were much closer to the prohibitive range and the Reagan administration did at least slow the growth of domestic spending. It helped get us into this current mess under Bush, when there was less Laffer Curve effect of the tax cuts and no serious attempt to restrain spending.
I’m not criticizing Rush. I’m just pointing out that when parodying American fiscal policy, you just can’t make anything up that tops the reality.
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That’s right, the Grinch (Joe Biden) is coming for your pocketbooks this Christmas season with record inflation. Just to recap, here is a list of items that have gone up during his reign.
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