THE BLOG

Romney's Regressivism

05/25/2012 09:21 am ET | Updated Jul 25, 2012
  • Robert Reich Chancellor's Professor of Public Policy, University of California at Berkeley; author, 'Saving Capitalism: For the Many, Not the Few''

Fine to nail Romney with Bain capitalism. But let's not forget Romney's budget proposal, which mimics Paul Ryan's. Take a moment to make yourself aware of both, because they're eye-opening and scary.

Both would restore the military budget, slash Medicare (turning it into vouchers that shift costs to the elderly) and Medicaid (turning it over to the states but without enough money to keep it going), cut programs for the poor (food stamps, Pell grants, etc), and yet at the same time cut even more taxes on the super rich.

According to the non-partisan Tax Policy Center, Romney's plan would give a $250K tax cut, on average, to everyone now earning over a million dollars a year.

Yet Romney's plan would also -- according to the non-partisan Center for Budget and Policy Priorities -- increase the federal budget deficit by more than $3 trillion over the next ten years. (Romney says he'll close tax loopholes, but he assiduously avoids saying which ones -- which means he won't really close any.)

This is truly nuts, and it represents not conservativism but regressivism -- a lurch backward toward the Gilded Age of the late 19th century.

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