Jennifer Rubin is a conservative columnist. Like many of the pundits on the political Right–and unlike most GOP members of Congress– she is intellectually honest. (Here in Indiana, Paul Ogden falls into that category; I often disagree with his conclusions, but I have a high degree of respect for his intellectual integrity.)
Rubin doesn’t mince words about the GOP’s single legislative “accomplishment.”
Republicans will knock a giant hole in the budget with a tax cut of $1.5 trillion, most of which goes to the rich and corporations. Rather than acknowledge their hypocrisy on the debt, they choose to misrepresent the facts.
She then provides a couple of examples, one an exchange between George Stephanopolous and Mitch McConnell, and one between Senator Susan Collins–ostensibly the Senate’s only GOP moderate–and Chuck Todd on Meet the Press. Forgive the length of this quote, but I think it is important not to summarize or characterize.
CHUCK TODD: Alright, if the debt is unsustainable at $14 trillion, how do you, how did you make yourself comfortable voting for something that’s going to increase the deficit? This tax bill we’re at 20.6 trillion now and the best estimates saying it’s going to even the best estimates of dynamic scoring that we could still find still add half a trillion dollars to the deficit.
SEN. SUSAN COLLINS: Economic growth produces more revenue and that will help to offset this tax cut and actually lower the debt.
CHUCK TODD: Where’s the evidence? Where, explain to me. Find a, find a study that actually says what you’re claiming.
SEN. SUSAN COLLINS: Let me–
CHUCK TODD: It doesn’t exist.
SEN. SUSAN COLLINS: Let me do that. First of all if you take the C.B.O.’s formula and apply it four to four tenths of one percent increase in the GDP generates revenues of a trillion dollars, a trillion dollars. Even the joint committee on taxation has projected that the tax bill would stimulate the economy to produce hundreds of billions of additional revenue. I’ve talked four economists, including the Dean of the Columbia School of Business and former chairs of the councils of economic advisors and they believe that it will have this impact. So I think if we can stimulate the economy, create more jobs that that does generate more revenue.
CHUCK TODD: But why isn’t there a single study? I’m going to show you three studies that we have, sort of a liberal one, a centrist one, and a conservative one right up there. The most conservative one, the most pro-economic growth argument, still adds $516 billion to the deficit over ten years.
SEN. SUSAN COLLINS: Well, talk to economists like Glenn Hubbard and Larry Lindsey and Douglas Holtz-Eakin, who used to be head of the C.B.O. And they will tell you otherwise. So I think you will find that economists just don’t agree on this.
Jennifer Rubin then did what credible reporters do; she contacted the quoted economists, who told her that they had not made the statements Collins attributed to them. Both Hubbard and Holtz-Eakin said they’d told Collins that the measures would “offset but not eliminate the static budget loss.”
After confirming that even conservative Republican economists deny that the tax cuts will come close to paying for themselves, Rubin writes
This raises the question as to whether Collins and McConnell misunderstand the advice they get, choose to cherry-pick what they are given or simply don’t want to fess up that they’ve abandoned fiscal sanity in search of a political win and to soothe donors. The most generous interpretation is that they are operating with unsupportable optimism that these cuts will do something no other tax cuts have ever done– pay for themselves.
They didn’t “misunderstand.” They’re shameless and they’re lying. As Talking Points Memo reports, economists and former government officials all predict the bill will drive up the federal deficit, shrink and destabilize the health care market, make our already historic income inequality worse, and–worst of all–give Congress cover to do what Paul Ryan and his ilk have long wanted to do: make deep cuts to the social safety net and government programs.
I’ve said it before: I don’t know how these people sleep at night.