Two Things Every Voter Should Know
Courtesy of Greg Sargent:
1) Nonpartisan experts believe Romney’s plans would increase the deficit far more than Obama’s would…
The nonpartisan Tax Policy Center has taken a close look at this question. It has determined that relative to current policy — that is, if you keep the Bush tax cuts in place, as Romney wants to do — Romney’s tax cutting plans would increase the deficit by nearly $5 trillion over 10 years. That’s on top of keeping the Bush tax cuts for the rich. Romney has promised to close various loopholes to pay for his tax cuts, but he hasn’t specified which ones. Until he does, the Tax Policy Center concludes, his plan would cost $5 trillion — which would be added, yes, to the deficit.
2) George W. Bush’s policies arguably are more responsible for increasing the deficit than Obama’s are
…the Center on Budget and Policy Priorities has determined that the policies put in place under Bush are the main driver of the deficits that are projected over the next decade.
…the main drivers of projected deficits over the next decade are the wars of the oughts in Iraq and Afghanistan, the Bush tax cuts and the so-called “automatic stabilizers” — unemployment insurance spending, lower tax burdens — built into existing policy to combat economic downturns. Recovery measures by Bush and Obama caused a short-term spike in deficits but have mostly phased out and thus represent only modest fractions of the national debt.