I talked a couple of days ago to Neil Cavuto about whether the Obama Administration is slightly modifying its class-warfare tax policy.
As you can see, I’m not overly fixated on the parsing of Biden’s comments since I’m against higher tax rates for anyone.
And my takeaway message from the segment is that we need some discussion on the need to reduce the burden of government spending.
But the purpose of this post isn’t to share my appearance on the Fox Business Network. While I like to think that I offer coherent analysis and occasionally can be persuasive, I’m the first to admit that this second video is far more compelling. It features an old guy who escaped from Hungary after World War II and is now worried about creeping statism in the United States.
He does have a political message at the end, but ignore those final few seconds (after all, GOPers can be just as bad as Democrats).
I especially like his point about how class-warfare policy hurts the poor. Very similar to what Margaret Thatcher says in this powerful video.
Please share this post so more people are exposed to his message.
P.S. Since everyone is making fun of Biden, I may as well hop on the bandwagon. Here’s a joke about our feckless Vice President, and you can see a photoshop contest about “Lunchbucket Joe” by clicking here and here.
[…] not sure this would be a good idea, for a very obvious reason, but this photo-shopped image got me […]
@crisbd
The amount politicians spend depend very little on revenues. GW Bush and Reagan both cut taxes and increased spending creating big deficits.
As far as balancing the budget is concerned, most economists agree you should do it over the business cycle. If you tried to balance this year’s budget, you would need 30% across the board cuts – SS, Medicare, Military, etc. I have no doubt that would turn the Great Recession into the second Great Depression.
BTW, look at this graph and tell me whether revenues or spending are the reason for the current deficit.
http://research.stlouisfed.org/fredgraph.png?g=6o5
Daniel, I can never open the links you post as pictures, I always get the same error “res://ieframe.dll/syntax.htm#”.
Anything you can do to help would be greatly appreciated.
Regards,
Frank King
Oops. That second paragraph immediately above should be:
Unfortunately, politicians can’t be trusted to use any extra income to “pay down past unfunded spending.” It’s not just budget deficits, they have become hooked on spending the extra money surreptitiously provided by inflation, see:
@Michael.
The biggest problem – demonstrated by experience – is that any extra money the politicians get becomes more money to spend. Isn’t it entirely obvious that overspending rather than inadequate tax revenues are the problem?
But it’s not just budget deficits, politicians have become on the extra income provided by inflation, see:
http://ezinearticles.com/?Is-Their-Approach-Viable?-Do-They-Make-Sense-or-No-Sense?-Part-3-in-the-Approach-to-Life-Series&id=7323778
If politicians did want to pay down past unfunded spending they should first solve their overspending problem with a balanced budget amendment. Remember Public Choice which won the 1986 Nobel prize for economics! Once they’re legally bound to an entirely balanced budget, only then would it be viable to explore how to go from there.
I agree that Obama is making a big mistake when he says things like, “The rich need to pay their fair share”. But increasing the top tax rate to 40% to help pay down past unfunded spending is a far cry from socialism.
Avoiding statism and reducing the burden of government spending requires government to no longer diversify its realm of areas of action. DoD and the Postal Service have pretty simple constitutional warrants. In an attempt to get more “back to the basics” the feds can reduce the spending burden by getting out of areas of dubious constitutional warrant and/or turn matters over to bodies set up under the Interstate Compact Power so states can handle it.
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