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Wednesday, February 08, 2006
Coleman: day late, fact short
Sen. Smilin' Norm Coleman (R-MN) has a fan boy blogging at Townhall.com:
Senator Norm Coleman today commented on the politics surrounding the Congressional budget process. In my estimation, he hits the nail on the head:
We’re going to have to do the hard act of governing, and it is not enough to complain... The President has laid out ... a budget with the hope of continuing pro-growth policies, restraining spending, cutting the deficit and then, perhaps most importantly, dealing with the long-term danger, the challenge we face with close to 70% of our budget [being] things that are mandated. We’ve got to look at Social Security, Medicaid and do the right thing, do the right thing for our seniors, do the right thing for those in need. We have to have the courage to look at those things... [but] some advocate that raising taxes is the key to open the door to fiscal discipline. I am afraid, Mr. President, instead of opening the door to prosperity, higher taxes will shut the door on innovation, entrepreneurship, and greater economic growth.
Your first thought, of course, is that we had more innovation, entrepreneurship, and economic growth in the 1990s, when taxes were higher. That's true, but it lacks the zing of this post from Nathan Newman's Labor Blog:
As this EPI study details, subtract out the government-funded jobs, mostly due to the defense sector, and NO net jobs have been added under Bush's watch. So that means tax cuts have accomplished ZILCH in encouraging private sector job creation. It's all increased government spending. I wonder if Bush will salute FDR as his model for job creation?
The EPI report estimates that 2 million new private sector jobs have been created since 2001 -- 2.8 million of which are attributable to increased federal spending. The private sector's entrepreneurship and innovation have resulted in a net loss of some 800,000 jobs in the last 6 years.
