This is sort of impressive: Paul Krugman simultaneously castigates Republicans for the fiscal irresponsibility of wanting to extend tax cuts for the rich that cost about $700 billion--and for irresponsibly threatening the extension of tax cuts for the middle class which cost three times as much. Yet you could read the entire column and not realize that it's the middle class tax cuts which are the really expensive, budget-busting bit.
So, about those tax cuts: back in 2001, the Bush administration bundled huge tax cuts for wealthy Americans with much smaller tax cuts for the middle class, then pretended that it was mainly offering tax breaks to ordinary families.
He then goes on to castigate Republicans for their fiscal irresponsibility in wanting to extend the tax cuts for the wealthy:
On the economics, the answer is a clear no. Right now, fears about budget deficits are overblown -- but that doesn't mean that we should completely ignore deficit concerns. And the G.O.P. plan would add hugely to the deficit -- about $700 billion over the next decade -- while doing little to help the economy. On any kind of cost-benefit analysis, this is an idea not worth consideringNowhere does he mention that the Obama plan would add to the deficit even more hugely, or indeed say anything at all about the cost of that part of the plan.
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