Tags: MidPoint | Steve Forbes | CBO | Democrats | Republicans

Steve Forbes: DC Budget Scorekeepers 'Biased' Against Tax Cuts

By    |   Monday, 26 Jan 2015 04:06 PM

The supposedly non-partisan Congressional Budget Office is, in fact, biased against cutting taxes, and will need new people if Republican lawmakers want their smaller-government tax proposals to get a full and fair review, publisher and past presidential candidate Steve Forbes tells Newsmax TV.

"They always assume the tax cuts will rip a big hole in the budget, [and] will do nothing, really, over time for the economy, whereas if you do the opposite, it seems to work miracles," Forbes told "MidPoint" host Ed Berliner Monday.

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The CBO, which measures budget proposals for their fiscal impact, has come in for criticism from advocates of "dynamic scoring," who say their method accounts for the economic boost provided by tax cuts but is consistently ignored by the accountants on Capitol Hill.

"So obviously if you have that kind of bias … opponents of tax cuts can always say, 'You see? The nonpartisan Congressional Budget Office has declared that this tax proposal you're putting out there to reduce tax rates would end civilization as we know it,' " said the Forbes Media chairman and columnist.

Democrats in Congress have been savvy at maintaining the CBO status quo, he said.

"They understand the importance of these seemingly complicated, non-front page rules in terms of pushing forward their agenda," said Forbes, author of "Money: How the Destruction of the Dollar Threatens the Global Economy — and What We Can Do About It."

Forbes sounded skeptical of Republican promises to press for real change in CBO accounting methods.

"Our guys say, 'Oh, we're reforming CBO now' … but the reality is they've got to change the personnel if they expect a real change," he said. "Passing a resolution saying, 'Take more cognizance, pay more attention to [fiscal] reality' is going to do nothing."

Turning to the recent focus on U.S. economic inequality, and the gap between the wealthy and everyone else, Forbes acknowledged that people at the top are doing well, and he argued that those less well-off should be taking issue with President Barack Obama, not the rich.

"And look at what's happened in the middle class in the last six years under those who pretend they're in favor of the middle class," said Forbes. "Median incomes have stagnated. Incomes today in real terms are lower than they were seven years ago."

Forbes blamed the lost prosperity on an Obama administration devoted to "rotten policies of excessive taxation, wrecking the healthcare system, binge spending, [and] conjuring rules and laws out of thin air."

"So, you people who say you love the middle class, you're pursuing policies that put them on a treadmill, and the treadmill is winning," he said.

The middle class is "going backwards, not forwards," he said, under policies that are "hurting those with the least."

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The supposedly non-partisan Congressional Budget Office is, in fact, biased against cutting taxes, and will need new people if Republican lawmakers want their smaller-government tax proposals to get a full and fair review, publisher Steve Forbes said.
Steve Forbes, CBO, Democrats, Republicans
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2015-06-26
Monday, 26 Jan 2015 04:06 PM
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