The Tax Cut. Deficits Matter. Think on this Dick Cheney.

[MissMarple]

This is a somewhat long but very interesting and cogent transcript of an on line discussion with Brookings Institution economist William Gale. Even I could understand it.

And, yes, Dick Cheney, deficits matter. Debt matters. Someone has to pay sometime, somehow. And the Laffer curve works, but only under certain conditions. It is not a road map to economic stability.

These two subjects are about a third of the way down the page.

"Now, why does that matter? Well, the same reason it matters for a family. A family that saves less now will have less future income from its assets. Likewise, a family that borrows more now (same thing as saving less) will have higher debts to repay in the future. Either way, by borrowing more and saving less now, the family reduces its future income. Same thing is true for the country. If national saving falls, then future national income HAS TO FALL."


http://www.brookings.edu/comm/chat/20030528gale.htm

[fizzana]

1. All that matters to this lot is winning elections.

The consequences of their actions are irrelevant as long as they get the votes and keep their large contributors happy.

[MissMarple]

2. Power and money. Sadly, I think you are correct.

I was going to say "right" instead of correct, but that didn't seem accurate.
:evilgrin:

[JPZenger]

3. Diversion of Social Security

Here's a very interesting column about the Federal deficits and the diversion of the Social Security Trust Fund to pay for income tax cuts.

http://slate.msn.com/id/2093707/

[MissMarple]

4. Welcome to DU JPZenger! Great article.

Thanks for the post. These guys are so disingenuous.

[Yo_Mama_Been_Loggin]

5. By the time our children are paying off the deficiet....

..Dickhead Cheneny will be dead.