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Politics : Formerly About Advanced Micro Devices -- Ignore unavailable to you. Want to Upgrade?

To: i-node who wrote (599038)	1/27/2011 10:46:59 AM
From: Alighieri	Read Replies (1) \| Respond to of 1576000

...due to the weak economy, higher spending and fresh tax cuts, All byproducts of the mess left behind by the bush administration's...it's amazing how consistent this is yet you keep coming back with fantasy land arguments. Al

To: i-node who wrote (599038)	1/28/2011 7:08:15 PM
From: TimF	1 Recommendation Respond to of 1576000

Even if all the proposed spending cuts and tax increases actually do happen as they where written down on paper and the law does slightly reduce the deficit (which is very unlikely) its still fiscally irresponsible. It increases spending, and it (at best) covers it through increases taxes. That tax revenue won't be available for future deficit reduction, it will already be tied in to this program (assuming it doesn't get struck down as unconstitutional, repealed, or severely modified). ------------- Give me $1 billion to cut the budget deficit I have a plan to reduce the budget deficit. The essence of the plan is the federal government writing me a check for $1 billion. The plan will be financed by $3 billion of tax increases. According to my back-of-the envelope calculations, giving me that $1 billion will reduce the budget deficit by $2 billion. Now, you may be tempted to say that giving me that $1 billion will not really reduce the budget deficit. Rather, you might say, it is the tax increases, which have nothing to do with my handout, that are reducing the budget deficit. But if you are tempted by that kind of sloppy thinking, you have not been following the debate over healthcare reform. Healthcare reform, its advocates tell us, is fiscal reform. The healthcare reform bill passed last year increased government spending to cover the uninsured, but it also reduced the budget deficit by increasing various taxes as well. Because of this bill, the advocates say, the federal government is on a sounder fiscal footing. Repealing it, they say, would make the budget deficit worse. So, by that logic, giving me $1 billion is fiscal reform as well. To be honest, I don't really need the money. But if I can help promote long-term fiscal sustainability, I am ready to do my part. gregmankiw.blogspot.com cafehayek.com