Fiscal Responsibility and Political Sense
In a Washington Post column yesterday, Max Boot made a strong case that Elizabeth Warren’s array of bold proposals would blow up the deficit even more than the grossly irresponsible tax cut for the rich and especially the super rich enacted by Republicans a year and a half ago. Moreover, the centerpiece of her revenue-raising plans, a “wealth tax” on very rich people, is of doubtful Constitutionality (especially given the current composition of the Supreme Court) and in any event likely vulnerable to tax avoidance schemes of the sort rich people’s lawyers are so adept at inventing.
This country badly needs enactment of progressive reforms, but Democratic candidates must be rigorous in mapping out how they will be fiscally responsible, and Constitutionally acceptable. It makes political sense as well as fiscal sense to do so.