printThe prediction of the CBOafs (The Congressional Budget Oafs) with respect to the “cost” of tax cuts is only as good as their premise, which is faulty. That premise is that property stolen by the state from its rightful owners (taxpayers) will be used to pay down the debt and the deficit incurred by the same band of brigands.
And CBOafs will fly. (Apologies, by the way, to bandits for comparing them to government officials. As one libertarian wag once pointed out, highway robbers are fairer and more benevolent than government, because they rob you once, usually, and then leave you be.)
As the Congressional Budget Office warned today, “Last month’s bipartisan tax cut legislation will drive the government’s deficit to a record $1.5 trillion this year.” (http://www.foxnews.com/politics/2011/01/26/federal-deficit-hit-trillion-budget-office-projects/)
In logic, a conclusion can be correct and untrue at once. The debt will go up—not because of tax cuts, but despite of them.
No matter how much these highway robbers take from the creators of wealth, the debts they incur will only go up. The lesson? Money is always safest with those who make it.
So beautifully put Ilana.
The only answer to borrow and spend is MORE borrowing and more spending. Bring it on! It is like we have already hit the Titanic and the crew and passengers are just breaking into the liquor closet to guzzle the champagne while the water is filling the lower compartments. 1.5 Trillion … 28 Trillion …352 Trillion …2.1 Quadrillion … Going going GONE! “Investing” in new technologies!
Yesterday, the head of the SS ( no, not the Gestapo – Social[ist] [in]Security ) was saying how the babyboomer retirements and recession has caused the SS to start taking money out of its trust fund SURPLUS! This SURPLUS was collected over the last generation and was “invested” in “Treasury Bills” [salute to Mr. Ponzi!]. In truth, the trust fund paid for some B-2 Stealth Bombers, a plasma TV set for some “artist” on an NEA grant, a McMansion for some Fannie Mae loanshark, and Mubarak’s Swiss Bank Account. Meanwhile, the SS jerk said that the Trust Fund will “last” until 2037 at which point Social Security will be “out of money”.
Ah hell, let’s cut all taxes, double spending, and bring out the booze. The water won’t feel as cold when we are inebriated!