Jim Gibbons Refuses To Wrestle With Basic Math
December 12th, 2009 at 12:03pm Geraldine
While the appropriateness of Jim Gibbons’ running for Congress as a carpetbagger continues to draw debate, what hasn’t drawn debate is Gibbons’ inability to do basic math. Gibbons has proposed a “free money for everyone plan” that involves no one paying any income or payroll tax in the first quarter of 2010 in order to stimulate the economy. This sounds great in theory. After all, who wants to pay taxes? There is one little tiny problem with this. If Gibbons is essentially saying that the United States Government will take in no revenue in the first three months of 2010, how will the government pay for things?
Gibbons’s proposal doesn’t just remove the funding for “discretionary spending,” i.e. little things like our troops in Iraq and Afghanistan, funding for schools, national parks, payroll for government employees and maintenance of interstate highways. It also remove the funding for mandatory spending, i.e. things like Social Security and Medicare. And, incidentally, the national debt right now happens to be in 14 figures and Social Security and Medicare are already facing long-term insolvency.
So while Gibbons’s plan sounds nice, it doesn’t seem entirely practical. If we’re going to implement the “free money for everyone plan” we need a way to pay for it. There are typically two ways that the government pays for things. The first is raising taxes, something that seems to be precluded under the Gibbons free money for everyone plan. The second is printing more money and creating inflation. This would seem be the logical way to fund the Gibbons free money for everyone plan. So if you liked the economy under Jimmy Carter, you’ll love the economic plan of Jim Gibbons, you get massive inflation and minimal effects on unemployment. But then again, you will have free money for everyone so it will even out.
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Entry Filed under: US House, Campaign 2010, Third District GOP Primary, Jim Gibbons
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5 Comments Add your own
1. tim m | December 12th, 2009 at 8:22 pm
Gibbon’s latest plan is simply nuts. Who is running that crazy campaign? At this rate Gibbons will be dropping out of the race before January ends as NONE of his bizarre ideas make any sense at all.
2. crankright | December 12th, 2009 at 10:12 pm
Leaving money in the hands of taxpayers is a much better idea than more government spending - but this idea is nuts. Gibbons completely missed the root cause of our current economic problems - runaway government spending and incomprehensible deficits. With this proposal Gibbons reveals that he’s just another unprincipled politician who wants to buy votes with deficit spending. What about cutting federal spending?
3. Iowa Progress » Bru&hellip | December 17th, 2009 at 6:33 am
[…] With it becoming increasingly clear that both Terry Branstad and Jim Gibbons are Bruce Rastetter’s boys in the GOP Primaries for Governor and in the 3rd District (and both receiving the requisite support from Bruce’s little buddy, Nick Ryan), the question is how religious conservatives react to Gibbons and Branstad receiving the support of Iowa’s big business GOP establishment. It’s clear that the people backing Gibbons and Branstad are not real social conservatives and that issues like gay marriage are secondary to implementing goofy tax programs. […]
4. steve | December 18th, 2009 at 10:19 am
This is obviosly a blog dedicated to smearing anyone without a leftleaning agenda. I recently posted a blog which supported Gibbon’s Tax holiday idea. Which by the way is supported by many economists thoughout the countly. Needless to say the administrators at this site deleted my post. You have been exposed. Don’t believe anything on this blog, it is all meant to distort and smear. No debate going on here.
5. salle mariage | February 7th, 2010 at 2:02 pm
Such interesting read and information, thanks for sharing this post. I will check back to read your other new posts.
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