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Politics : PRESIDENT GEORGE W. BUSH
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To: E. T. who wrote (211630)12/20/2001 11:42:17 AM
From: Neocon  Read Replies (1) of 769670
 
After that, the question is what is more beneficial to the economy, higher tax rates to cover increased expenditures, largely due to the war on terrorism, or the rise of the debt ceiling in order to cut tax rates even further? If burdensome tax rates are the priority, you raise the debt ceiling. One way to look at it is this: why transform public debt into consumer debt, by taxing at a higher rate and motivating people to live off of their credit cards? Not only will people stop spending as much as they max out, thus slowing the economy, but consumer loans crowd out commercial loans.
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