Right-wingers have historically cried about the deficit when it is convenient to them, and most potently when they are aiming to put more money into the pockets of their wealthy, corporate buddies—all of course while increasing the burden on working people (i.e. “cutting spending”).
So the report coming from the “deficit commission” should come as no surprise, proposing trillions of dollars in cuts and even slicing jobs, including 200,000 government workers. Meanwhile there was no mention of any tax on the corporate fat cats who got our economy into this mess when it is widely understood that a modest fee on Wall Street’s daily financial transactions would bring in more than enough to say existing jobs, provide new jobs and, yes, get rid of the deficit. In fact, Republicans are now pitting the extension of tax cuts for the wealthiest Americans against unemployment benefits for the rest of us.
In all of its attempts to “solve the deficit”, the Commission—which did not even get the full 14 votes required to make it an official report to Congress—answered the wrong question.
The real question is how are we going to re-build our economy after decades of deregulation, privatization, outsourcing, and the damage of a financial sector that’s been allowed to gamble with our homes, healthcare, retirement, education, and…well you get the picture.