There is a tasty little treat in WSJ's OpinionJournal:
Which is why we suspect that Mr. Rubin's real game here is politics. The Citigroup Inc. executive is part of Hillary Rodham Clinton's braintrust, and he and she would like nothing better than to coax Mr. Bush into raising taxes in the next two years. That would take the tax issue off the table in 2008, while splintering Republicans the way President George H.W. Bush's tax-hike deal with George Mitchell did going into 1992.
And if a tax increase did contribute to a severe slowdown or recession, Republicans as the incumbent party in the White House would get the political blame. Recall how Bill Clinton pinned the recession of 1990-1991 on Mr. Bush and Reaganomics, even though the Gipper had left office long before and the economy was growing at a 4% annual rate by late 1992. Readers may recall who won that election.
If Mr. Rubin and Senator Clinton really believe the economy needs a big tax increase, by all means they should make this a plank in their 2008 agenda. But they shouldn't do so by asking fellow Democrats to betray their recent campaign pledges or Republicans to make it easier for them by repeating the GOP's blunder of the early 1990s. [Read]
Higher taxes. Everyone is our friend, even when they hate us--they're just misunderstood. Oh yeah, let's not forget nationalized health care.
Jeez, who couldn't have seen this coming, but do not blame the (D)emocrats, for it is the (R)epublicans who lost their way, especially behind Bush. He seems ready to embrace all of their proposals, because he just wants to get along. (Can you be surprised when he led them to spend like drunken Democrats?)
Where is the Republican leadership?
"What's a Republican?" the little boy asked.