While the congressional Super Committee struggles to agree on budget reforms that would result in paltry savings of $1-2 trillion dollars, the financial geniuses at the Tea Party front group FreedomWorks have managed to shape a plan that will slash the deficit by more than $9 trillion without raising taxes on the long-suffering One-Percenters who control the vast majority of the wealth in America. How did they do it?
The Tea Party Debt Commission
- Repeals ObamaCare in toto.
This would actually increase the deficit because, as the independent analysts at the CBO have concluded, the Affordable Care Act saves $143 billion over the 2010-2019 period.
- Eliminates four Cabinet agencies — Energy, Education, Commerce, and HUD — and reduces or privatizes many others, including EPA, TSA, Fannie Mae, and Freddie Mac.
This furthers the Tea Party goal of dismantling any government program even if it is critical to national security, economic growth, and public safety.
- Ends farm subsidies, student loans, and foreign aid to countries that don’t support us — luxuries we can no longer afford.
In other words, keep America stupid and drive all of our international allies into the arms of unfriendly nations.
- Saves Social Security and greatly improves future benefits by shifting ownership and control from government to individuals, through new SMART Accounts.
Privatize Social Security and abandon seniors to the uncertainties of the stock market.
- Gives Medicare seniors the right to opt into the Congressional health care plan.
Kill Medicare by depleting the pool of members and siphoning off those with means leaving only low-income and high-risk participants, which would substantially increase costs.
- Make the so-called Bush tax cuts, and other expiring tax relief provisions, permanent.
Make permanent the tax cuts for the rich, which is the single biggest factor that has produced our current deficits.
The Tea Party proposal is wildly out of touch with economic reality, as well as public opinion. When exploring the details of the plan you will find such absurd suggestions as privatizing the Transportation Safety Administration and Air Traffic Controllers. That makes perfect sense to anyone who is pleased with the way that private airlines keep passengers trapped aboard planes that have been delayed on the tarmac for eight hours. Let’s empower those folks, who are motivated only by profit, to manage the safety of our airports and air travel.
The FreedomWorks Tea Party Debt Commission asks us to…
“Imagine a plan that cuts, caps, and balances federal spending without raising taxes; that gives future generations control over their own retirement security; and that lifts the massive debt burden from our children’s shoulders so they can know the American dream of ever-higher freedom and prosperity.”
I think I can imagine exactly what the Tea party has in mind: