NPR: 'Not A Tax Cut!'

NPR: 'Not A Tax Cut!':

"'[A]n increase in spending coupled with lower tax collections is an INCREASE in taxes. AN INCREASE in taxes. NOT A TAX CUT. If I spend more money and collect less, the government is promising to collect more taxes in the future. It is not a tax cut. Not a tax cut. Not a tax cut. And when you don't cut rates but rather give people a lump sum of $500, there are no incentive effects other than to increase the probability that the US Treasury will be unable to honor its obligations in the future.'"

-- Russell Roberts

If you understand that then you understand everything. Deficit spending is difficult-to-see taxation. All this time that you enjoyed "low taxes" under high-spending Republican administrations and you thought it was so great ... well, you were being set up for paying those taxes in the future which is coming soon.

*Sigh*.

The governors of four states want a trillion dollars. I think there are about 100 million families in the US. That is a debt obligation of $10,000.00 per family. And it's not just a tax - because interest on the $10,000.00 has to be paid as well. $10k at a modest 5% interest for 30 years is 43,219.42. Ouch.

The National Debt Clock says each person (including babies) owes 34,840.14; that's not what the government owes - you are the government. It's what you owe. A family of 4.3 owes 149,812.60. (Let's call it $150K.)

Please ... please ... please ... we must stop printing money. If we stop now, maybe the economy will recover. We are a resilient nation. But we are not infinitely resilient. Please stop ...

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