H.R. 1314 – Bipartisan Budget Act of 2015: NO (Another $650 Per Household in Current and Future Taxes)
H.R. 1314 – Bipartisan Budget Act of 2015: NO. M. Stanton Evans once observed that there are two parties in our country: the evil party and the stupid party, and when they adopt a bipartisan measure it is usually something evil and stupid. This deal replaces the budget that Congress enacted in May, which pointed the country back toward fiscal solvency, with a plan that puts us on a trajectory that never balances. It adds $80 billion of new spending authority for this year and next – that’s nearly $650 for every household in America that will be added to your current and future tax bills. The budget gimmicks used to claim it doesn’t add to the deficit are absurd, among them: allowing employers to short pension funds, selling off the strategic petroleum reserve at the bottom of the market, doubling down on IRS audits (doesn’t that sound like fun), and raiding the Social Security retirement fund to shore up run-away costs in the disability system. It also eliminates the debt limit all together until March of 2017 – meaning President Obama can borrow whatever he wants without returning to Congress for permission for the rest of his administration. So here’s what you get: another $650 per household in current and future taxes, a higher chance you’ll be audited by the IRS, and don’t plan on Social Security being there in about 15 years or so. On the plus side, we get to ignore the impending debt crisis for another year and a half.