The Residential Real Estate Crash Index Message Board

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Strategies & Market Trends : The Residential Real Estate Crash Index

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To: Elroy Jetson who wrote (13829)	9/22/2003 8:07:00 PM
From: gpowell	Read Replies (2) of 306849

Only a very wealthy country like the US could destroy their own national wealth on massive scale through huge deficits spent on short-lived tax cuts and still survive. How does a dollar kept by you rather than transferred to the federal government constitute a destruction in wealth? Let me help you out a bit: If the government and you have equally productive uses for your money then the net wealth effect is zero. Rarely is that the case, however. Generally, and for reasons for more complex than I will present here, far more wealth is created in the long run when individuals are free to pursue their own interests as opposed to any form of centralized economic decision making. This is a fact conceded by every economist in the world. The only point of debate is whether the deadweight welfare loss to society of some centralized planning is worth the benefit derived by a few individuals and groups. The economic data posted previously also demonstrates the truth embedded in the above statement. So when someone utters something like “We could give your money back to you, but you might not spend it right”, realize you are talking to either an ignoramus or someone who takes you for an ignoramus. The high level of GDP in the US preceded the decline in taxes and the resulting deficits. Average per capita tax rates have generally always been lower in the US. This short-term decline in tax rates has produced the worlds largest deficit. As a percentage of GDP, this isn’t even close to being true. I’ve stated previously to you (6 months ago) that spending is what matters, not deficits. Dou have any data which "correlates" US national prosperity with sun spots? Do you still beat your wife? Usually the degree to which a poster uses ad hominem arguments correlates well with their level of ignorance.

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