A co-chairman of President Obama’s deficit reduction commission said that “everything that president is doing now has not one thing to do with policy or reality.”
“All they have to do is do a plan. You don’t even have to get down to specific legislation. But unless we do a plan, markets are just going to hit us right between the eyes,” former Sen. Alan Simpson (R-Wyo.) told Neil Cavuto on Fox.
The Simpson-Bowles report, which advises a combination of spending cuts, taxes and entitlement reform to get out of the red, has been championed by some lawmakers but brushed off by the one who commissioned it: Obama.
Simpson criticized commission members who wanted to just “really sock the rich.”
“Let’s just you say, anybody that earns over a million bucks a year, let’s just confiscate everything they have. Their yacht, the Caymans, the five homes, just take it all, and that would run the country for nine months. Who is kidding who?” he said.
The former senator called the tax-the-rich schemes “absolutely stupefying bait thrown out to a poor old gullible American public.”
“Every day we borrow $3,600,000,000, every day,” Simpson said. “Every single day we spend a buck, we borrow 41 cents. Where are the brains?”