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Politics : Formerly About Advanced Micro Devices
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To: RetiredNow who wrote (531300)11/23/2009 12:58:53 PM
From: TimF3 Recommendations  Read Replies (1) of 1574784
 
The Laffer assumes as its objective that we want to maximize gov't revenues.

Not really. It doesn't talk about objectives at all, but close enough, it talks (in extremely vague terms) about what point might maximize revenue.

The fact is that we're going to need a combination of tax increases and cuts in spending to get back to ZERO deficits.

Not really. Durable restraint on spending growth would be enough, without a single actual cut, or tax increase. Beyond that I'd also make some cuts, but I'd mostly rely on slowing future increases.

Also zero deficits aren't really necessary. Just much smaller deficits. OTOH maybe zero deficits should be our goal since its an easier idea to push ("deficits less than x percent of GDP", or "deficits that cause the debt to increase less than the long run rate of economic growth", are hard ideas to get people to rally around), and also if we aim for zero and don't quite make it we have small deficits, while if we aim for small and don't make it we might have moderate to large deficits.

Fiscal discipline will do more for this country over the long run than anything else.

To me fiscal discipline is more about restraining spending than lower deficits. Not that lower (or zero) deficits are aspects of the issue, but lower spending (or lower spending growth) directly contributes to lower deficits, and is also a fiscal disciple issue in and of itself.

If we doubled taxes, and increased spending so as to have an exactly balanced budget, I would say the change was an example of lack of fiscal discipline.
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