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Politics : Formerly About Advanced Micro Devices
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To: Scumbria who wrote (131064)1/30/2001 4:09:06 PM
From: pgerassi  Read Replies (1) of 1572087
 
Dear Scumbria:

It is you with a serious denial problem. Democrats spent $5 trillion more than they taxed for over 65 years. Cutting taxes, per Stockman, shrinks revenue but, tax receipts rose making his argument right in theory but, wrong in practice. Income was placed in low ROI tax shelters and when the net after tax income from the tax shelters became less than the after tax income in normal high ROI investments, tax collections rose due to much higher amount that could be taxed. Stockman may have believed that the US had not as much languishing in these tax shelters as there actually was which led to his incorrect predictions.

However, the Democrats used up any raise in collections and then some by spending even more than needed (and calling that a cut because it was less than they wanted to spend (Republicans are as guilty of this trick as Democrats)). Perhaps a bill should be passed called the "truth in budgeting act of 2001" where any increase over the previous year (no inflation adjustment allowed) is called a hike and any decrease from previous year is called a cut. Yes, its obvious but, definitely calls a true cut, a cut while, the typical "cut", a hike but, below the rate of inflation.

Pete
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