A Bill the Deficit Hawks Should Love

GOP Ethics

A Prescription for Ruin

(from Newsweek)

by Ezra Klein

I’ve got some good news for deficit hawks: earlier this year, Congress passed legislation reducing the deficit by about $125 billion over the next 10 years. But, as they say on the infomercials, that’s not all! The bill cuts the deficit by $1.3 trillion in the second decade. That more than pays for every dollar we’ve spent on stimulus since 2008. The bill also sets up a new—and actually credible—system to keep Medicare’s costs under control. So hear that, fiscal conservatives? Hear that, bond markets? This is progress, baby. We’ll lick our deficit problem, yet.

The bill in question is the Patient Protection and Affordable Care Act, better known as health-care reform. The numbers come from the nonpartisan Congressional Budget Office. But as always, there’s a catch: the savings arrive only if the policies behind the savings are allowed to do their jobs. And in the GOP’s zeal to repeal a bill it considers a deficit-busting nightmare, Republicans are focusing their fire on the parts they should like: the cost controls.

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Comments

4 Responses to “A Bill the Deficit Hawks Should Love”
  1. SR Jones says:

    Hi Don
    I know you’re interested in economics, and wanted to make sure you saw today’s (Aug. 25) Andrew Tobias column on the deficit. Provides an important perspective, and deserves to be circulated. http://www.andrewtobias.com/

  2. Anna Haynes says:

    Permalink to the Tobias post –
    http://www.andrewtobias.com/bkoldcolumns/100825.html

    Andrew Tobias is a gem – not afraid to call a bubble when he sees one, which saved me & others from a dotcom walletectomy…

  3. Anna Haynes says:

    p.s. quoting from the Tobias column –
    “Where Reagan slashed taxes for the wealthy and raised them for Joe the Plumber, Obama has done the reverse. He has cut taxes for 95% of working families, including Joe, but plans to raise them for the best off.
    Even though I’m in the fortunate 5% or so who will pay more, I think it’s the right approach for our current circumstance. That it’s made Joe so angry is a testament to the skills and resources of the folks who hope to misinform and manipulate him into supporting Republicans who will put corporate interests and the interests of the wealthy ahead of his own. ”

    The Tea Party folk I’ve talked to think that corporations are people too – or at least, they don’t have a problem with giving corporations the same rights as people.

  4. depelton says:

    SR, Anna:

    Thanks for the terrific pointer.

    Don.

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