海角大神

Forget Perry's gaffe; worry about his economic agenda

There are  much better reasons than a memory lapse as to why the Texas gov鈥檚 agenda is wholly incompatible with the direction in which the country needs to head.

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Paul Sancya/AP
Republican presidential candidates Texas Gov. Rick Perry speaks during a Republican Presidential Debate at Oakland University in Auburn Hills, Mich.

Ok, so Gov Perry had a senior moment in Wednesday's debate. It happens. Frankly, as someone who actually thinks these agencies do useful stuff, I鈥檓 glad when they can鈥檛 remember which ones they want to close.

And I can think of much better reasons than a memory lapse as to why the Texas gov鈥檚 agenda is wholly incompatible with the direction in which the country needs to head.聽 Like his tax plan that loses $570 billion per year by delivering massive tax cuts to those at the tippy top of the income聽聽(i.e., a $1.5 million cut for households with avg income of $8.4 million).聽 As if the low aftertax income of the richest households is America鈥檚 biggest problem.

In fact, all I heard in terms of policy ideas in last night鈥檚 debate was all the different ways in which we can鈥檛 or shouldn鈥檛 address any of the real economic problems we face.聽 It鈥檚 all repeal (health care and financial reform), cut (taxes on corporations and the wealthy), ignore (housing, student debt, Europe), shut down agencies聽(well, nuff said there鈥), etc鈥

In a debate on the economy, I can鈥檛 think of anything I heard that might actually help the economy (the one exception was Gov Romney on China currency management).聽 I suppose someone could raise the drilling stuff they talked about, but even there, regardless of how you feel about that as a national energy strategy, I simply don鈥檛 see how oil and gas extractors face an undue burden.聽 To the contrary, they already receive billions in聽subsidies聽through the tax code.

Like it or not, we live in the most interconnected world that鈥檚 probably ever existed.聽 Markets fail in ways that amplify risk and contagion, requiring vigilant regulation.聽 American job growth was inadequate in the last聽expansion, even before we hit the Great Recession.聽 Public policy must address the surge in inequality, as it poses a fundamental threat to our basic social聽contract.

If there was ever a time to turn to trickle-down economics, deregulation of financial and health markets, regressive tax cuts, self-regulating industries,聽and drill, drill, drill鈥his definitely isn鈥檛 it.

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