Watch out America: Mitt Romney has the potential to be a massive deficit spender.
Jared Bernstein, the former chief economic adviser to Vice President Joe Biden, told Ezra Klein on Thursday's The Rachel Maddow Show that the Romney's claims he will cut the deficit as president are based on fuzzy math.
Klein and Bernstein explained that Romney wants to increase defense spending and slash taxes, which would seemingly increase the deficit, not reduce it.
To close the gap, President Romney would have to implement some truly draconian spending cuts elsewhere in the federal budget. Doing that, however, is extremely difficult.
"The only way you do that is if you cut government to a point that is theoretically impossible," Bernstein said. "The arithmetic stands on its head. What sounds fiscally responsible is deeply fiscally irresponsible."
Klein agreed, saying it was impossible to simultaneously cut trillions of dollars in taxes, add about a trillion dollars in new defense spending, and shrink the budget gap.
Romney has made "some gestures toward spending cuts, but he doesn't have anything that is of anywhere near the size as what he's promised to spend or stop taxing," Klein said. "So it doesn't balance the budget. If you believe in austerity, it's not austerity."
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Superb segment that was precise, full of informative content, and stayed well within the reasonable and pertinent facts. Can't get much better than that.
I have looked at the Center for Budget and Policy Priorities summaries on the proposed Romney budget. The Romney budget follows the general blue print of the Ryan budget. In a nutshell about $5.3 trillion in domestic spending is cut under they Ryan plan with more than 60% of these cuts coming from domestic discretionary spending. Student loan programs, government services, infrastructure investments would be essentially reduced to nothing under the Ryan budget. The Ryan budget raises Medicare premiums for Seniors by $6,000 dollars or more annually. The Romney/Ryan budget turns Medicare as we know it into a voucher system. The Bush tax cuts are made permanent under the Ryan/Romney budget plan. The military budget would be increased beyond what the Joint Chiefs of Staff says is needed for real threats we face. So the Ryan/Romney budget is not austerity if anything it is nothing but trillion dollar deficits as far as they eye can see. So much for GOP stewardship of the economy and their feigned concern about the national debt.
MSNBC has lost all credibility to the public. They have taken sides on this election. It is pathetic and intellectually dishonest. Your concerted effort to destroy the candidate you do not like is obvious.
James don't even come here!! You just stay at "Fair and Balanced" Fox news. Because fox never picks a side!!. I am so glad you are qualified to speak for the public and the moral high ground to call msnbc " pathetic and intellectually dishonest" You troll! Cause Trolls do not need facts!!
Romeny is very much out of touch.
Romney is very much out of touch.
And the economy is in what kind of shape now?! Now that we have to pay more people's healthcare and no one can get jobs to help pay for taxes. I'm sure this is not good for deficit either.
everyone knows the economy was left in shambles after 8 long years of screw ups by Bush and his republican cronies in congress and President Obama has to fix everything in 4 years, I don't think so. I think the best thing to do is to get get of as many republicans as possible, starting with Boener. Then and only then maybe we can get this Country of ours back on track. One last thing, All Romney is, is an accident looking for a place to happen and I hope it doesn't happen here.
clinton leaves office: with a surplus
bush leaves office: with a 1.2 trillion dollar deficit.
what is today's deficit? 1.2 trillion dollars.
even with the stimulus, it hasn't grown.
but we need to end the handouts to the rich in order to even think about balancing the budget.
For Romney to win it means Americans are willing to forget that Republican policies pushed us into a Depression.Of course the super Rich where protected from the fallout and are benefiting from the decline of the Middle Class. Are we really that stupid as a Nation. Romney is already beating the War Drums and preparing us for a War with Iran. The Republican dream is to bring horrific suffering on people who depend on government services. They demonize everything about the government except the Military. This is because killing to protect Billionaires and Millionaires is what they understand best.
robme is a delusional repub freak unfit for this nation, because he will destroy it beyond belief. why do people believe all the lies dished out by the putrid mouths of those hateful scumbags.