Kudlow on the New Contract with America
Lawrence Kudlow finally said something I agree with:
While the GOP is attacking oil companies and perhaps reneging on tax-cut extenders, without offering any strong budget-cutting plan, the Dems are thinking about putting together their own Contract with America. While Democrats still have to craft a coherent message, and while their glee may yet be premature, the 2005 election message is clear: It’s time to get serious.
Kudlow was noting that we Democrats are happy with last night’s results and any GOP operative who dismisses the voter’s message need to wake up. He is absolutely correct. If Kudlow is saying no to price controls on oil, I agree. I also agree that we Democrats need to get busy on crafting our 2006 message.
Finally, I’m delighted that Kudlow has woken up to the fact that the GOP leadership in D.C. is fiscally irresponsible. But given the fact that his crowd does not have any spending cuts proposals that would materially reduce a General Fund deficit that is nearly $600 billion a year, how is the GOP supposed to get serious about fiscal responsibility and extend those tax cuts?
Update: The junior Senator from my state comments on an interesting proposal regarding energy policy:
The contentious hearing came as consumers face a jump of 50 percent or more in home heating bills this winter and gasoline prices have surged 20 percent this year. At the same time, oil company profits have soared. As a result, there have been suggestions in Congress about instituting a windfall-profits tax, with the money distributed to lower-income consumers to help them with energy costs. “To my constituents, today’s hearing is about shared sacrifices in tough times versus oil company greed,” said Sen. Barbara Boxer, D-Calif. “Working people struggle with high gas prices and your sacrifices appear to be nothing.”
Whereas Kudlow and I might agree that price controls are the wrong way to go, I’m with Senator Boxer on the proposal to use a windfall-profits tax to reduce the government deficit so we don’t have to rely on taxing the working poor as much. Larry – care to join me and Senator Boxer?