From today's Wall Street Journal: "We've never fretted over budget deficits, at least if they finance tax cuts to promote growth or spending to win a war."
Isn't that special? As long as the rich get richer while the middle class falls behind and does the dying in the wars, deficits are just fine and dandy. But a deficit that doesn't serve the interests of the rich? Whoa Nelly!
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Did we read the same article? Where do they talk about the right getting richer?
ReplyDeleteSomething that "promotes growth" is good for all Americans, assuming said growth actually occurs.
What's the difference between the ones they support and the ones they don't? The former are (intended to be) short-term, for a specific purpose and time. They do their job and then are done. Tax cuts create "A burst of sustained economic growth... [that]substantially boost tax revenues and reduce future debt." War is, well, war; you do what you gotta do and fix the fiscal damage when it's done.
What Obama et al are setting up are deficits to fund the growth of entitlement spending. They'll never go away without crushing tax increases -- which serve neither the rich nor the poor.
BTW, I'm guessing newspaper reporters, even columnists, make less than lawyers.
The "growth" that tax cuts promoted hasn't been good for all Americans. It has led to stagnation in income for most Americans and a greater concentration of wealth in a smaller and smaller number of hands. We lost our manufacturing base and went from the world's biggest creditor to the world's biggest debtor. Moreover, much of that "growth" was an illusion since it was predicated on debt, both public and private.
ReplyDeleteThe sustainable growth that benefited all Americans occurred when marginal tax rates were much higher.
Moreover, much of that "growth" was an illusion since it was predicated on debt, both public and private.
ReplyDeleteAnd because it took the form of an unsustainable bubble.
I see lots of (ridiculous, counter-intuitive) claims, little data.
ReplyDeleteOne of the great things about our country is the fifty different laboratories. Which one has taxed and spent itself into prosperity?
ChrisB,
ReplyDeleteI didn't see you produce any data about tax cuts benefiting all Americans. You just made an assertion. I suggest you do some research on concentration of wealth and median incomes under Reagan and Bush 2 rather than relying on your intuition.
One of the great things about our country is the fifty different laboratories. Which one has taxed and spent itself into prosperity?
ReplyDeleteMassachusetts: http://www.statemaster.com/state/MA-massachusetts
Some of the best educational outcomes in the country. Middling to above-average crime stats. Well-above-average taxes: 7th highest in country.
New York: http://www.statemaster.com/state/NY-new-york Somewhat better than average education, some of the best higher education. Some of the lowest crime in the nation. Well-above-average median income. Above-average taxes: 11th highest in the nation.