Passing the hat

One of the issues that most roils me about the current administration is the fact that they are willing to borrow money at such an alarming rate while passing off this huge debt to our next generation instead of forcing this generation's rich folk from footing the bill. This is akin to Sharon and I borrowing as much money as we possibly can, and living it up, hoping to die before we have to pay it back. It is an abdication of responsibility on a grand scale. I'm o.k. with borrowing money during a time of war, but for God's sake, don't cut off your revenue stream at the same time. The conventional supply side argument is that the lower taxes will spur economic growth that will eventually increase gross tax receipts, even with lower tax rates. However, this is theoretical. It looks like a nice picture on economic graph paper, and there are all kinds of statistics to back it up, just like there are statistics to back up opposing views. I hope the logic holds, but I have my doubts.

Comments

Sean said…
yep. remember when Bush the 1st called supply side 'voodoo economics' (famously queried in 'Ferris Bueller...')? did it work with Reagan, or was it something else? seems like a big bet...

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