I just posted a question regarding the effectiveness of raising tax rates, I received many misguided answers from uniformed liberals. I have two main points to counter before asking my question.
1) Bush's spending has increased our deficit to record levels.
Truth: Everything has to be viewed in relative terms. Our budget deficit is actually quite low historically. In 2006, it was 1.8% of GDP, and is expected to be .8% in 2007. Compare this to the past 40-year average of 2.4%.
2) Our government debt is ridiculous.
Truth: Again, everything is relative. Our debt as a % of GDP is trending downward, and is only 37% of our GDP. This compares pretty favorably to 52% in Germany, 43% in France, and 79% in Japan.
There is only so much tax money you can squeeze from the rich.
A balanced budget must come from spending restraint, not further hosing the rich.
Should we really be so quick to judge Supply-Side economics? Both major implementations were during times of war.
2007-02-20
07:00:40
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12 answers
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asked by
Time to Shrug, Atlas
6