Rubio Argues For Making Bush Tax Cuts For The Wealthy Permanent: We Must Start ‘Doing It Now’
One of the key planks of Senate candidate Marco Rubio’s (R-FL) campaign is scaremongering about the nation’s deficit and debt. “The United States government spends more money than it takes in,” Rubio said. “It’s as simple as that. You can’t do that for long without getting into trouble.” Rubio has repeatedly called on President Obama to “stop spending money we don’t have.”When is the media going to start holding conservatives accountable for their waffling on economic policy. How hard can it be to ask a conservative for a plan - written down in black and white - that balances the budget and reduces taxes.
However, Rubio’s concern with the deficit seems to evaporate when it comes to tax cuts. Democrats in Congress want to allow the 2001 and 2003 Bush tax cuts for the wealthiest Americans to expire on schedule at the end of the year, but yesterday on Fox News, Rubio wholeheartedly endorsed making the cuts permanent and “doing it now”:
RUBIO: I would argue in favor of making permanent the 2001 and 2003 tax cuts. And I would argue doing it now, before they recess, so that people have some level of certainty. [...]
VARNEY: You’re arguing economics. I put it to you that, if you suggested that we not increase taxes on the rich on January the 1st, you would be demagogued to death. You would be accused of giving money to the rich at a time of a nasty recession.
RUBIO: Well, the bottom line is that we need folks to create jobs in America. And jobs in America are created by people that have money or access to money.
This proves that Rubio is actually not at all serious about addressing deficits, as the Bush tax cuts are one of the main drivers behind the country’s long-term deficits. As the Center on Budget and Policy Priorities found, the Bush tax cuts will cause $3.4 trillion in deficits over between 2009 and 2019. The debt-service costs caused by the Bush tax cuts amount to “$1.7 trillion over the 2009-2019 period” and more than $330 billion in 2019 alone.