There are many reasons to be grateful that John F. Kerry never was elected president of the United States of America. One of them is his unkeen financial acumen, which is so backward and strange and perplexing that I never can tell whether it is the work of some sort of mad genius or cribbed from one of those guys who hangs around public places with an apocalyptic message on a sandwich board.
That piffling $19 billion deficit reduction is achieved by imposing a tax hike of three-quarters of a trillion dollars – the CBO puts the number at $751 billion – on the American people, and then spending all but the last $19 billion of the revenue generated. Here’s a radical idea: If you want to reduce the deficit by a (paltry, embarrassingly tiny, too slightly to really seriously mention it) $19 billion, how about you just pass a $19 billion tax hike and skip the part where you spend more than the cost of the Iraq War creating a new politically driven securities market to chase marginal atmospheric benefits related to the emission of carbon dioxide, which is not even the most important greenhouse gas? For perspective, you could just cancel the Depression-era farm-income stabilization program and save a nice round $20 billion.
That $19 billion in savings is great – if you only look at the balance sheet at Treasury and ignore cap-and-trade’s effects on the economy, the actual economy that exists out there in the real world.
Only in a Limo Liberal’s mind does it make sense to pull almost $400 billion out of the real economy to save $19 billion in debt. It must be that new math. Can we bring back the Dunce Cap and send him to the corner? Or would our PC educrats object on the grounds that it would lower his self esteem?