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Archive for December 17th, 2009

Chatting with Instapundit

Here’s my interview with Glenn Reynolds on PJTV. We chat about a wide range of fiscal policy topics, ranging from tax havens to stimulus to tea parties.

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It’s been a rough couple of weeks for Greece, which has been battered by rumors of government default. Interest rates have been climbing, as investors are nervous about state finances, and the country’s debt rating has been downgraded.

Not surprisingly, Greek politicians are dealing with the crisis in large part by further increasing the tax burden. One particularly horrible idea is a 90 percent tax on bank bonus payments. I don’t know if lawmakers in Athens have heard of the Laffer Curve, but they’re about to get a real-world lesson that will teach them how punitive tax rates lead to less revenue.

For those who wonder how Greece got into this mess, here’s a quick chart I put together, based on OECD fiscal data. Don’t be surprised if America has a similar chart in about 10 years.

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An excellent video.

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Even though the politicians in Washington have already flushed $887 billion down a rathole, Obama and the Democrats talking about another “stimulus.” I didn’t bother to post this CNBC clip six months ago, but it is completely appropriate given the current debate.

Some of the points may sound familiar to those who watched my recent video. The common theme, of course, is that government is too big, and the Bush-Obama policies are turning America into a welfare state.

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