“Quantitative easing,” “dynamic scoring,” and “current-policy baseline” are just some of the "odd phrases" being used to "obscure" economic policy, according to one Washington Post Columnist.
George F. Will slammed the GOP for their "wild Republican verbal gymnastics" when attempting to "justify asserting that a permanent extension of the [2017 Tax Cuts and Jobs Act] under reconciliation will not add to the deficit."
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The libertarian then gave a real-life example of what costs and benefits should look like: "A cost of having a Republican-controlled Senate is some dreadful people confirmed to high offices, e.g., the secretaries of defense and of health and human services. A benefit of Republican control was supposed to be survival of the filibuster. If, however, Republicans make the rules governing reconciliation more elastic, evading filibusters will become easier. A lesson about the costs and benefits of a Republican-controlled Senate has been learned." The example gives notable ding to Pete Hegseth, and Robert F. Kennedy.
As Republicans look to extend these cuts, and what America could lose in the process, the political commentator broke down their backward logic and reasoning, saying, "The 'current-policy baseline' argument is, astonishingly, this: Although extending the TCJA provisions that are due to expire would, under conventional rather than dynamic scoring, reduce revenue by about $4 trillion, this would actually be properly described as a $0 tax cut. Why? Because the cuts already exist as current policy."
Will then quoted several budgeting experts to expand on this thinking, including The Manhattan Institute’s Jessica Riedl. She said, "Last year, despite being deeply in debt, I bought a $100,000 sports car. So next year, buying another $100,000 car is not irresponsible because I am merely spending the same amount of money as the year before. And if I purchase ‘only’ a $70,000 car, then I should be congratulated for reducing my annual spending by $30,000.”
Will further ended his opinion with "Republicans were acknowledged (often grudgingly) as they presented themselves: as fiscal realists. Another lesson has been learned."