Fox News wants you to think that the Republican candidates’ tax cut plans are such a prescription for growth that you won’t mind a ballooning deficit and maybe you’ll give up some government programs while you’re at it.
Fox host Neil Cavuto acknowledged that GOP tax cuts would increase the deficit “in the short-term.” But he outsourced the conclusion to his guest, Fox Business’ Charles Payne.
From a Media Matters transcript:
NEIL CAVUTO (HOST): None of these plans as you know—and remember with the Reagan tax cuts, because you and I are old enough to remember this—you did have deficits start immediately because you sucked that revenue out. But it did create a revenue boom that, sure enough, Republicans and Democrats alike spent, and then some. So there is that separate issue. But it creates revenue. So—but that’s not immediate. So how do these guys address the fact that—short-term at least—they suck some money away from Uncle Sam, and near-term, present bigger deficits?
CHARLES PAYNE: I think the idea is that we’re having these deficits anyway. If someone can tell me—listen—the deficits are marching higher and higher every single day, but there is going to be an inflection point. And that inflection point is going to see not only these deficits start to draw down, but American prosperity come back. If you sell me that, I’m willing to buy it.
While Cavuto and Payne suggested that the deficit increase is a minor, temporary blip, even the conservative Tax Foundation scored otherwise. From Slate:
The conservative Tax Foundation has so far released scores for six Republican tax plans (though not Kasich’s). The most responsible, you could argue, belongs to Rand Paul, and would add $1.7 trillion to the deficit over 10 years before factoring in the effects of economic growth. The most delusional? Donald Trump’s, which would add to $11.9 trillion over a decade. That said, Ted Cruz just debuted a plan for a 10 percent flat tax that would probably leave the budget looking like a burnt husk.
The Tax Foundation agrees that the plans would spur growth but only Paul’s plan leads to more revenue, under their estimate.
But Cavuto closed the discussion by saying to Payne, “Whoever advocates for growth and jobs is the winner. Thank you my friend.”
It’s hard to know whether Fox really believes the candidates’ plans will produce more revenue or if they just want voters to fall for it so there’s an excuse to cut spending later.
Watch it below, from the October 29 Your World, via Media Matters.