Charlie Dent gives us about 10 paragraphs of throat-clearing and 1 paragraph of something that could be interpreted as a policy recommendation. He says it is an “intermediate” approach. Actually it is Cut, Cap and Balance worded in a different way:
Or how about an intermediate approach like this: Immediate spending cuts that exceed the amount needed to raise the debt ceiling through January, a binding commitment to: 1) enact comprehensive tax reform that eliminates tax breaks and loopholes in exchange for lower marginal rates that will spur economic growth and create jobs; 2) long term spending reforms, including caps; and 3) budget enforcement mechanisms.
So right away, Dent wants over a trillion dollars in spending cuts. Ben Bernanke said the Republicans’ plan to cut $61 billion earlier this year would cost “a couple hundred thousand jobs”, and Moody’s said it would cost as many as 700,000 jobs.
So if cutting $60 billion would cost as many as 700,000 jobs, how many jobs will be lost if the Republicans cut $1 trillion before January?
And then it’s the same Cap Cut and Balance plan that House Republicans know is a non-starter in the Senate or the White House. There is no chance of it becoming law. And yet Dent is still goofing around with stuff that can’t pass while this clown show is already hurting our economy.