Wednesday, January 23, 2008




The Bush administration has long taken the view that tax cuts (especially permanent tax cuts for the rich) are the solution to every problem. This is wrong. Tax cuts in general perpetuate the excessive consumption that has marked the American economy. But middle- and lower-income Americans have been suffering for the last seven years -- median family income is lower today than it was in 2000. A tax rebate aimed at lower- and middle-income households makes sense, especially since it would be fast-acting.

Something should be done about foreclosures, and appropriately designed legislation allowing those who have been victims of predatory lending to stay in their homes would stimulate the economy. But we should not spend too much on this. If we do, we'll wind up bailing out investors, and they are not the ones who need help from taxpayers.

... too late for the tax cuts ...
... any percentage of nothing is nothing ...
... inflation and devaluation of the dollar are going to be the result ...







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