Wednesday, September 05, 2018
Minority Leader Nancy Pelosi has made a promise to handcuff her party's progressive ambitions, by resurrecting the "pay-go" rule that mandates all new spending is offset with budget cuts or tax increases. She is playing into the hands of Republican strategists eager to warn voters that Democrats' top priority is raising taxes. Forcing budget offsets for every piece of legislation would make it more difficult for Democrats to pass a host of liberal agenda items, from "Medicare for All" to tuition-free public college. It continues a trend of Democrats caring far more about deficits than Republicans while giving conservatives free rein to blow giant holes in the tax code.
Under modern monetary theory, public spending is only constrained when the economy is running at full capacity and inflation starts to rise, which is not the case today. Public deficits are just another way of talking about private surpluses. Balanced budgets are a system of taking money from ordinary people into the hands of the rich. "Pay-go" is a unnecessary economically illiterate approach to budgeting. Republicans know this, which is why they have unabashedly used their power to expand deficits and deliver windfall gains for big corporations and the super-rich.
Just another example of how deceptive and hypocritical Democrats are becasue they appeal to unions and ordinary working people, but pull the rug out from under them in favor of the 1% time and time again. Republicans do the same and often worse, but they are not two faced about it.
Pelosi is one of the people in DC most despised by the average Republican, yet from a policy perspeoctive, she is a close ally.
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