Bowels-Simpson Doesn't Exist

1/03/2013 12:00:00 PM
A clarification for Greg Mankiw, who seems to be confused. According to Mankiw:
"The [Bowles-Simpson] commission said that we needed to reform entitlement programs to rein in spending and that increased tax revenue should come in the form of base broadening and lower marginal tax rates. The deal appears to offer no entitlement reforms, no tax reform, and higher marginal tax rates."
Um, no. That is definitely not what the commission said. I'd quote the official commission report for you, but I cant. And that is exactly my point: the commission failed to agree on a report because of lack of bipartisan support! The commission did not issue a report, so you can't say that they "said" anything. Mankiw is referring to the plan that Alan Simpson (republican) proposed, but that Erskine Bowles and most of the commission actually opposes.

There was no agreement. No commission report. Bowles-Simpson, which should really just be called the Simpson plan, is a partisan right-wing plan with no bipartisan support.

And besides, Obama would be wise to hate the plan. It is a plan that presumes that the best way to reduce the deficit is...drum-roll...more tax cuts! Enough said.