The last-minute fiscal cliff deal reached by congressional leaders and President Barack Obama cuts only $15 billion in spending while increasing tax revenues by $620 billion—a 41:1 ratio of tax increases to spending cuts.
The House now has until 1:00 pm ET to read the proposed Bill. Representative Mick Mulvaney (R-SC) is reporting that so far, no one has found ANY cuts whatsoever. And I suppose he should know, since he’s on the House Finance Committee.
This is a 41:1 ratio of tax increases to spending cuts (provided the cuts can even be found).
In 1982, President Reagan was promised $3 in spending cuts for every $1 in tax hikes. The tax hikes went through, but the spending cuts did not materialize. President Reagan later said that signing onto this deal was the biggest mistake of his presidency.
So we’ve gone from 3:1, which Reagan thought was catastrophic to 41:1. So, what’s this? Apocalyptic? Nuclear? Suicidal?
I’d say all of the above and a black hole. Let’s be real clear. If this passes, this will be the largest expansion of US government EVER in the history of this country. Yes, this beats FDR’s ‘New Deal’ and Johnson’s ‘Great Society.’
Happy f*%king New Year.