Distinguished members of the Club For Growth, a group of Wall Street financiers who intervene in Republican politics, often bill themselves as “fiscal conservatives” determined to curb federal deficits and debt. But what they really desire is regressive taxation and even more lavish tax cuts for the wealthy (including themselves). The latest proof? Club spokesman Barney Keller’s praise for Herman Cain and his “9-9-9” tax plan, which he said is “bold, intriguing, and appears strongly pro-growth,” while adding that the club will review the plan in more detail someday. So will they change their minds when they discover that Cain’s plan will explode the federal deficit and raise taxes on the middle class?
By cutting federal revenue in half, according to economist Michael Linden, “9-9-9” would result in the largest deficits since World War II, with no reduction in sight…ever.
Copyright 2011 The National Memo