Orrin Hatch thinks you're stupid, and if retweets are any indicator, many Utah conservatives are proving him right, buying his over-the-top double speak hook, line, and tea bag.
Orrin on July 22nd:
Introduced a Balanced Budget Amendment today, because our country cannot afford the spending binge Congress is on! #utpolOrrin today:
Letting Bush Tax Cuts Die Would Kill Recovery: Analysts http://bit.ly/9oIFJ0 #utpol via @CNBCForgetting, for the sake of argument, that this is most likely some inattentive, poorly paid staffer (perhaps Utah GOP Chair Dave Hansen himself?), and ignoring that Orrin's analysts are the executives of a the large Deutsche Bank (the article may be better titled: Letting Tax Cuts Expire Would Kill Recovery... of Deutsche Bank!), let's take a look at what Orrin's "analysts" are actually saying.
The nascent US economic recovery would be halted in 2011 if Congress fails to extend the Bush tax cuts for the wealthiest Americans, analysts at Deutsche Bank said.
The cuts were enacted in 2001 and 2003 under President George W. Bush and in part covered those earning more than $250,000, but they are set to expire at the end of this year. Tax decreases for lower-earning people likely will be continued, but the ones for the top end of the income scale are in danger of going away.
The impact would be worse, the analysts said, if Congress fails to fix the Alternative Minimum Tax, which was enacted in 1969 to make sure rich people pay taxes but was never indexed for inflation, and thus is now hitting middle-income workers.
"In a worst-case scenario, allowing the Bush tax cuts to expire and failing to fix the AMT could result in (1.5 percent) of fiscal drag in 2011 on top of the 1 percent fiscal drag we expect to occur as the Obama fiscal stimulus package unwinds," Deutsche said in a note to clients. "If the recovery remains soft/tentative through early next year, this additional drag could be enough to push the economy to a stalling point."
So what Orrin has served up here is an article by bank "analysts" pretending to be concerned about the economy by arguing both for an extension of tax breaks for the wealthy, and an inflation based adjustment of the AMT so that the wealthy will be paying more taxes, and so that you'll be fooled into thinking it's you they had in mind when they penned this piece. And Orrin serves up this blustery support for the tax cuts that will add $3 trillion dollars to the national debt a week after sponsoring a balanced budget amendment because he can't sleep at night worrying about the national debt.
As I began: Orrin Hatch thinks you're stupid.