... if you're in to politics, if you're concerned about the deficit, and especially if you happen to be the sort who believes nothing can be done. Something CAN be done and these two gentlemen put viable, reasonable proposals on the table. Good proposals. Some highlights right here, from last night's PBS Newshour:
Alan Simpson is my newest hero. The man doesn't mince words, doesn't even THINK about mincing words. Erskine Bowles appears to be cut from the same cloth, even if he is a Democrat. I intend to write my congresscritters and implore them to support and implement the Simpson-Bowles recommendations. These recommendations are something Tea Partiers ought to adopt as their own, or at least support in no uncertain manner. We've had enough bullshit rhetoric -- the time to act is NOW... and the new House of Representatives just might do it. I'm hopeful.
More in the WSJ, including another short video.
I really believe that Capitalism requires debt. Like business, a country needs to spend more money than it takes in during war and other emergencies.
ReplyDeleteI don't think 15 Trillion is a good number though. Maybe 1 Trillion max.
I think if the people support Congress spending 15 Trillion it doesn't have, nor will ever have, we need a tax to help pay it off.
To that end, I would propose a national sales tax on everything except food and primary residence rent or mortgage. Said tax to be high enough to pay off the debt down to 1 Trillion in 5 years.
The sales tax could not be used for any other purpose, except to pay the people/countries we borrow from.
I agree the two men have done a service, but I also believe no one higher than the freshmen in Congress will read it.
I'm with you on this Buck, it's time to cut the B.S. and get down to business! I'm tired of "Partisan Politics"!!
ReplyDeleteIt has real potential, with a caveat. We have to keep our hands around the throats of Congress to keep them from coming up with new and improved boneheaded ideas about which group needs how many dollars for what boneheaded federal program. And cut out most foreign aid.
ReplyDeleteI'm not wearing my rose-colored glasses this morning. Our freakin' mayor and city council have just voted to increase property taxes -- property taxes that are already ridiculously high. And, to do what?!?! We don't have very good municipal services around here.
P.S. -- I have always been an Alan Simpson fan.
ReplyDeleteSimpson is a straight shooter. And when it comes to budget cuts, eliminating federal programs, etc., always remember what the wise Confuscius says (or was it the old guy on Kung Fu?): Chop, chop.
ReplyDeleteTo that end, I would propose a national sales tax on everything except food and primary residence rent or mortgage. Said tax to be high enough to pay off the debt down to 1 Trillion in 5 years.
ReplyDeleteYou know that guy who ran for governor in New Yawk? "The Rent's Too High" guy? The rate for a sales tax to pay down our debt in five years would HAVE to be nearly 100%.
Dale: Me, too. That shit gets OLD after a lifetime.
Moogie: I hate to hear news like yours, re: property tax. I too, don't have any illusions (delusions?) about Simpson-Bowles. I'd be VERY surprised if even one half of what they propose makes it thru the legislative process. re: Simpson. I read a brief and favorable editorial in some Montana newspaper that began "I hate to say this, but..." The writer was a life-long Dem.
Dan: Chop, chop! Heh!
Re: 100% tax
ReplyDeleteExactly. Pay it down quick. Right now we are paying 50% of GDP on debt interest.
Maybe raise fuel taxes 200% during time of war.
The way down to 1 Trillion is massive debt liquidation, and sacrifice. There is no trickle theory that will work.
Another idea is to label the taxes. For example, when you buy gasoline, it would be called the "Israel Tax." When you buy stuff at the hardware store, it would be called the "Korean War Tax." Added Turnpike fees could be the "NATO Tax."
Give the working class a warm and fuzzy about their countries superpower costs.