By 2021, the debt would rise by about $4.5 trillion under Santorum’s policies and by about $7 trillion under those advocated by Gingrich, pushing the portion of the debt held by outside investors to well over 100 percent of the nation’s economy.
The red ink would gush less heavily under former Massachusetts governor Mitt Romney, the report said — at least under earlier Romney proposals that paired $1.35 trillion in tax cuts with $1.2 trillion in spending reductions and would leave the debt rising on a trajectory that closely tracks current policies.
Ron Paul’s plan wouldn’t make the debt actually drop, but only because he plan on slashing $7 trillion in spending. I assume all he wants to leave standing are a couple wood shacks for Congress to work out of and a scooter that will serve as Air Force One.
The justification behind the Romney/Gingrich/Santorum tax plans is that huge tax cuts will work like throwing topsoil and lime on a brown lawn. Keep on cuttin’ dem taxes and the economy will just explode upwards somehow; this is why it’s often referred to as “voodoo economics”. And it’s never worked, with the last decade being a particularly damning piece of evidence. But because all the right wants to hear is cuts cuts and more cuts, that’s what they’ll advocate.
I should point out, just to cover my bases, that I’m not averse to tax cuts for any particular bracket, provided the economy is in a position for it. Taxes should adjust to keep things a-rolling as need be. What chuffs me are Republicans who seem to think that taxes can always be cut every year, no matter what.