2009 Could Be Better Than You Think Never mind those campaign calls for higher taxes on the wealthiest Americans. Truth is, no politician is going to push for general tax increases in the midst of a severe recession. You may wonder: How is the government going to pay for that trillion-dollar stimulus package? Or the multitrillion-dollar bailout of financial institutions, auto companies and anyone else sideswiped by the current crisis? Or the continued wars in Iraq and Afghanistan? Or the (still) rapidly rising cost of the baby boomers' retirement? Well, that's the sweet secret of the current crisis. While the American people are learning to live within their means, the new American government has discovered an unlimited (for now) line of credit. The United States may have led the world into this crisis, but the world now seems more than willing to lend us unlimited amounts of money to lead the way out. This, too, is unsustainable. A reckoning will come. But that's a problem for 2010 and beyond.
Never mind those campaign calls for higher taxes on the wealthiest Americans. Truth is, no politician is going to push for general tax increases in the midst of a severe recession.
You may wonder: How is the government going to pay for that trillion-dollar stimulus package? Or the multitrillion-dollar bailout of financial institutions, auto companies and anyone else sideswiped by the current crisis? Or the continued wars in Iraq and Afghanistan? Or the (still) rapidly rising cost of the baby boomers' retirement?
Well, that's the sweet secret of the current crisis. While the American people are learning to live within their means, the new American government has discovered an unlimited (for now) line of credit. The United States may have led the world into this crisis, but the world now seems more than willing to lend us unlimited amounts of money to lead the way out.
This, too, is unsustainable. A reckoning will come. But that's a problem for 2010 and beyond.
It's interesting to note the indirect acknowledgement in the WSJ that not increasing taxes on the rich is unsustainable even if the point they're ostensibly making is that "taxes are unlikely to be raised this year, yippee"... In the long run, we're all dead. John Maynard Keynes
If taxes have to be raised, then it's better to get started now than carry on and making things worse later on. To suggest otherwise is irresponsible, even Murdoch must realise that. keep to the Fen Causeway
But who cares bout tomorrow? In the long run, we're all dead. John Maynard Keynes
Do you need more? In the long run, we're all dead. John Maynard Keynes
