RUSH: This deficit report wasn’t supposed to hit until December. It’s not even Thanksgiving. We’re not even at the middle of November. Now, why is this deficit report hitting today? This deficit report hits today, and, by the way, it’s hitting with a lot of detail, and I’ll tell you what I think. I think this deficit report’s coming out timed for the lame duck congressional session, and guess what? This is designed to give Democrats either some leverage or cover for dealing with the Bush tax cuts argument. That’s exactly what this is, however the Democrats want to play this. If you look at the tax suggestions here, they really are talking about simplifying the code, reducing rates all over the place, not just extending the current Bush tax rates, but actually cutting rates, simplifying the code to broaden the base. At the same time gasoline taxes are being increased. Well, they’re being proposed. The retirement age for Social Security is being suggested to go up to age 68, by what year, 2050? I’ve got it all here. I’m trying to make sense of it. Yeah, on Soc. Security, gradually increase the retirement age when people can start receiving benefits to 68 at around 2050 and 69 by 2075. Federal subsidizes to agribusinesses would begin to be slashed by $3 billion a year. Ho-ho-ho. Wait ’til the ethanol crowd hears about that.
The gasoline tax, federal gasoline tax increased by 15 cents a gallon starting in 2013. Also propose cutting the federal workforce by 10% for a further savings of $13.2 billion, this by 2015. There’s nothing in here about tax breaks for piece of crap electric cars. Now, folks, this wasn’t supposed to hit ’til December. December’s well after the election, December is getting close to the, quote, unquote, holiday season when people are in, quote, unquote, good cheer and so forth, guys coming home from work and not getting a steak but rather heading right to the vodka and the eggnog and what have you. But now it’s out. This is a draft report. I mean it’s gonna be far more detailed sooner than later, but the draft report’s out, 50 page PDF file, and this tax code stuff is fascinating. Nobody is suggesting this kind of stuff, except us. We conservatives have been suggesting stuff like this forever. Lower the marginal tax rates for everybody across the board, broaden the tax base, simplify the code, and all this comes out timed for the lame duck session. I’m just wondering how this helps the Democrats in the lame duck session. Does it give ’em cover or does it give them leverage? Because they’re adamantly opposed to extending the Bush tax cuts for everybody. There’s some talk now about Obama, (imitating Obama) ‘Okay, maybe I’ll extend them a year, maybe I’ll extend them two years for everybody, but I’m gonna get the rich at some point.’
What needs to happen is a rate reduction, a marginal rate reduction. That’s what needs to happen, the one thing that would have a demonstrably, instant positive effect on this economic recession and start turning things around would be that. We know that that’s not gonna happen with this guy in the White House. But these tax suggestions in this deficit panel report, if you want to look at things on the optimistic side you could say this is designed to give the Democrats cover to go along with extending the Bush tax cuts. Remember, the purpose of this commission is to take out of the hands the dirty business of making decisions by elected officials. ‘Well, I was opposed to extending the Bush tax cuts, of course, but the experts in the blue-ribbon panel, the Irksome Bowles, Alan Simpson Babe commission have suggested something far, far, far more drastic tax-wise. I think we need to look at it.’ We’ll see. Time will tell in enough time.
RUSH: You know, if I wanted to be selfish I could look at this deficit reduction panel stuff and see the Social Security retirement age going up to 68 by 2050. Fine. Do it. It won’t affect me. I’ll be dead. Go right ahead. It would be easy. Don’t you love all of these major changes happening in 2050, 2045? None of them happen until after 2012, and most of them ’til 2014, until after these guys are all dead! None of this stuff kicks in ’til these guys on the panel are all dead, which is gonna be next week for some of them if they’re not careful (laughing) when certain people find out what these guys are suggesting. For one that hates riots, it’s gonna be fun for me to watch ’em.