Tags: Obama Budget | Newt Gingrich | tax | increase | socialist | economics

Gingrich: Tax Increase 'Socialist Economics'

By Hiram Reisner   |   Wednesday, 29 Jun 2011 06:17 AM

Former House Speaker Newt Gingrich says the GOP should equate the time frame of raising the debt ceiling with the amount of spending Democrats are willing to cut from the budget. The presidential hopeful also told Fox News’ Greta Van Susteren Tuesday that a tax increase at this time “is truly socialist economics.”
“Republicans ought to say we’ll accept the cuts the Democrats have offered — whatever that number — and we’ll raise the debt ceiling the amount the Democrats are prepared to cut. That might be three months, two months, whatever,” Gingrich said. “Let the Democrats decide how long the debt ceiling is going to last by the amount they are willing to cut. With 14 million people unemployed, to have a tax increase to further weaken the economy is truly socialist economics. It makes no sense at all in this country to raise taxes right now.”
America needs a dramatic economic growth package to get people back to work “because nothing will do more to balance the budget than getting people to work,” Gingrich said.
“If the Republicans are calm and cheerful the president will sign a spending-cut-only bill,” he said. “Democrats are faced with a real crisis. The president is about to preside over the United States defaulting on its debt — he can’t do that. So he is going to have to in the end agree to something. The Republicans are in a position to say they are very happy to avoid a default if he will sign a spending-cut bill.”

When Van Susteren asked Gingrich whether the Democrats will still press loopholes should be removed from wealthy taxpayers, he repeated a contention that has caused him problems in the past:

“If you are the Republicans you should say we have more people on food stamps today than ever before in history — President Obama is the most successful food stamp president in American history,” he said. “We need a program to put 14 million Americans back to work. We are committed to creating jobs. The Democrats are committed to killing jobs. You decide which future you want — paychecks or food stamps.”

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