Herman Cain’s ‘Plan 9-9-9 From Outer Space’

Posted by AzBlueMeanie:

The basis for much of Herman Cain’s presidential campaign is what he calls his “9-9-9” economic plan. Or what I like to think of as his "Plan 9-9-9 From Outer Space" because his economic theories are not of this world. Steve Benen writes at the Political Animal – About that 9-9-9 plan…

It’s basically Cain’s approach to tax policy, in which he envisions a system with a 9% income tax, a 9% corporate tax, and a 9% sales tax. The cast of “Fox & Friends” just loves the idea.

The plan hasn’t been subjected to much scrutiny, in part because Cain isn’t seen as a credible challenger, but so long as he’s rising in the polls, it’s worth taking a moment to give this idea a quick look.

The obvious problem, of course, is that tax rates this low simply won’t generate a sufficient amount of funds. In short, Cain’s numbers don’t add up. If the country were to adopt 9-9-9, the prospect of reducing the debt would disappear, and much of the federal government would have to be dismantled. Perhaps that’s the idea — in a feature-not-a-bug sort of way — but it’s not going to happen. Cain is selling a pipe dream.

UPDATE: For an excellent analysis of how "Plan 9-9-9 From Outer Space" would explode the deficit while increasing taxes on the poor to pay for a giant tax cut for the rich, see ANALYSIS: Cain’s ’999' Plan Would Cause Largest Deficits Since WWII, While Increasing Taxes For Most Americans | ThinkProgress, and Cain's 9-9-9 Plan Makes Experts Dial 9-1-1 | TPMDC. Ezra Klein guest hosting on the Rachel Maddow Show on Thursday night also did a segment on this lame-brained idea.

Looks like Herman Cain is targeting voters who spend way too much time watching the "Number 9" on Sesame Street.

UPDATE: Swear to God, I had not previously seen this cartoon: