Much hash has been made lately over Grover Norquist’s Taxpayer Protection Pledge, from his organization, Americans for Tax Reform. The Pledge forces anyone who signs it to not vote for tax increases, unless there is reduction in taxes elsewhere (for instance, voting to raise excise taxes but cutting income taxes, though don’t quote me on that.) It’s also been in the news because some Republicans have backed away from the pledge, not wanting to be feel like they’re in a straight jacket while engaged in fiscal cliff negotiations.
Jonathan Bydlak, president of the Coalition to Reduce Spending, writes in National Review that while Grover’s push is admirable, it’s not entirely sufficient:
For years, Grover Norquist and Republicans have tried “starving the beast” of the federal government by capping taxes. While they’ve been highly successful at preventing tax increases, they have been less effective at addressing one problematic aspect of fiscal policy: the ability of the Federal Reserve and Treasury to borrow more and more to finance massive spending, as they have done under the Bush and Obama administrations. It’s simple: Borrowing today means a higher tax burden tomorrow when the debt comes due. True fiscal responsibility, then, requires us to curb spending in addition to limiting tax rates.