The Romney-Ryan Republican budget will explode the deficit. Here’s why:
1) A rich person is, by definition, a “job creator.”
2) A “job creator,” already being rich, needs constant incentives to keep on creating jobs. Otherwise, he’ll go Galt, and he’ll create no more jobs.
3) The Romney-Ryan budget proposes to lower tax rates for “job creators.” It also proposes to close tax loopholes which disproportionately benefit “job creators.” Republicans say this will raise more revenue.
4) For the Romney-Ryan budget to raise more revenue, many “job creators” will have to pay more in taxes.
5) “Job creators” who get a tax increase will feel that they are victims of “class warfare.” They’ll go Galt, and they’ll create no more jobs.
6) Republicans will lower tax rates for “job creators.” They will not, however, close any tax loopholes for “job creators.”
7) The deficit will explode.
So endeth the lesson.