In the post-debate analyses, Mitt Romney is getting some points for his "five-point" economic plan in contrast to criticism for Obama's lack of specifics for his next term, a criticism I have also made on several occasions. But a new analysis by Third Way, a moderate think tank known for its intellectual rigor and honesty, takes only a page to reveal that that the core of Romneyomics is as rotten as previous trickle-down Republican plans.
The chart reveals simply and definitively that Romney's numbers do not, indeed, add up. Romney's tax plan calls for $5 trillion in cuts over 10 years without any impact on the budget. Romney says that he will accomplish revenue neutrality by capping itemized deductions — mortgage, charitable, etc. Third Way takes the three cap numbers Romney has floated in the campaign: $17,000, $25,000 (the amount he referred to in last night's debate) and $50,000. It finds that even under the most stringent cap, Romney is $4 trillion short of revenue.
Joe Biden said something early in the campaign about Romney and some of his Republican allies. In the old days, he said, Republicans would hide their fiscally irresponsible plans under a bushel basket. Now, they put it out there for the world to see, I just hope the American people are looking.