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Comments on: The Economy https://whynow.dumka.us/2007/07/28/the-economy/ On-line Opinion Magazine...OK, it's a blog Mon, 01 Aug 2011 04:55:26 +0000 hourly 1 https://wordpress.org/?v=6.4.3 By: Bryan https://whynow.dumka.us/2007/07/28/the-economy/comment-page-1/#comment-28066 Sun, 29 Jul 2007 20:45:57 +0000 http://whynow.dumka.us/2007/07/28/the-economy/#comment-28066 It won’t take long for interest on the national debt to overtake everything else as the largest non-discretionary outlay in the budget and a Reagan and two Bushes are responsible for most of it.

I’m for the new tax bill that will simply send T-bills instead of 1040s to the top 1%.

The real issue is: Alan Greenspan – senile dementia or criminal conspiracy.

]]> By: Badtux https://whynow.dumka.us/2007/07/28/the-economy/comment-page-1/#comment-28060 Sun, 29 Jul 2007 17:11:37 +0000 http://whynow.dumka.us/2007/07/28/the-economy/#comment-28060 The notion that a tax cut somehow puts more money into people’s pocket is stupid anyhow. More money would be useful only if there were more goods and services in the economy — i.e., if the government quit taking goods and services out of the economy and sinking them into bombs and bullets and literally shooting and blowing them up. But of course we know that government did nothing of the sort. The government is actually taking more money out of the economy and sinking it into bombs and bullets and other such unproductive shit, i.e., they’re reducing the amount of goods and services in the economy (and thus the amount of “stuff” that our dollars will buy) by literally shooting or blowing them up. So more money in the economy, fewer goods and services in the economy, guess what? That more money won’t buy you as much!

So the tax cut didn’t help the average person one bit. What it did do, however, is cause the destruction of goods and services in the economy to be funded by bonds rather than taxes.
And government bonds have the unique property that they transfer money from the tax-paying class (you and me) to the investor class (the wealthy who buy t-bills, and overseas investors like China and Japan).

Which, of course, is the point. Republicans are all about transferring wealth from the tax-paying class to their true “base”, the haves and have-mores. That’s been their modus operandi for the past 90 years, ever since they put Teddy Roosevelt out to pasture for being too aggressive at trust-busting. The taxes *will* get raised back up again — but rather than being used to provide goods and services to the economy such as roads and police protection, they will instead be transferred to the wealthy as interest on the government bonds. But by that time the Republicans will be out of office and able to blame it on the Democrats (again). The only time that hasn’t happened was when George Herbert Walker Bush broke his “read my lips” promise and raised taxes while at the same time reducing spending on bombs and bullets and shit that don’t add anything to an economy, thereby increasing the proportion of the federal budget spent on providing goods and services to the economy, but the Republican orthodoxy voted him out of office for his trouble.

– Badtux the Tax Penguin

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