Liberalism’s “long slide into ludicrousness”
Because 82 percent of American earners pay more in payroll taxes than income taxes, no politically conceivable or economically feasible middle-class tax rate can fund the entitlement state. And America’s political culture rules out funding it with new consumption or energy taxes. By rescuing almost everyone from the restoration of Clinton-era rates, liberals abandoned any pretense of paying for their program of ever- expanding entitlements. Instead, they made trillion-dollar deficits their program.
Via Powerline picks. Read the whole thing.
The long and the short of it is this: liberals want bigger government without the political burden of asking the “middle class” to pay for it.
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Yes but the progressives will just go on saying they need more “revenue” from the 2% for cover.
Comment by Richard Bell — January 10, 2013 @ 7:34 pm - January 10, 2013
Illinois swears in three legislators facing criminal charges, but, it’s okay because they’re liberals.
Comment by V the K — January 10, 2013 @ 9:04 pm - January 10, 2013
But the middle class will eventually get hit with much higher taxes when we run out of money, China refuses to buy our debt, and the Fed can no longer print money without abandon.
Comment by davinci — January 10, 2013 @ 11:00 pm - January 10, 2013
v the K:
Did you notice all three legislators were black? This is typical of the black community. If you’re a criminal, you are a brotha and not some honest person. Keep them in office!
Comment by davinci — January 10, 2013 @ 11:05 pm - January 10, 2013
Oh, they’ll make the middle class pay.
Comment by Paul — January 11, 2013 @ 1:52 am - January 11, 2013
They’ll make us ALL pay.
Comment by Paul — January 11, 2013 @ 1:57 am - January 11, 2013
Liberals apparently find math too hard.
Comment by Just Me — January 11, 2013 @ 7:54 am - January 11, 2013
davinci,
You are largely correct concerning the dominate urban black “community.” I can vouch for a lot of hard working and level headed blacks who are not about to be community activated by any fast-talking demagogue.
Comment by heliotrope — January 11, 2013 @ 7:58 am - January 11, 2013
Really? Since when?…
Several local trust/family money management-types have independently-commented to me over the last year or so that their greatest fear is that that’s exactly how the Obama-Liberal types plan to resolve this. Keep borrowing and run the printing-presses to purposefully-initiate massive inflation to pay-off current-dollar denominated debts. Plus, inflation is a hidden-tax on middle-class wealth and buying-power…especially when the Redistributionists’ wet-dream VAT on all transactions is enacted.
They’re buying productive Midwestern farmland as long-term safe asset allocations…rather than the traditional bonds for their wealth-preservation clients. You do know that “tax loophole reform” is-code for the elimination of tax-exempt municipal bonds and state bonds…even on tax-exempt mini-bonds extent right now.
IRA, Roth IRA, private pensions and 401(k) seizures are the final-act…just like in Argentina.
Comment by Ted B. (Charging Rhino) — January 11, 2013 @ 10:22 am - January 11, 2013
#9 They could make, for example, sixteen $1trillion coins?
Comment by Paul — January 12, 2013 @ 4:00 am - January 12, 2013
Naaah Paul, all those coins put you into higher math so keep it simple: mint one quadrillion coin. The bonus here is you can pay off all the debts and have a surplus to party on! See how easy that is?
Comment by JohnAGJ — January 12, 2013 @ 9:30 am - January 12, 2013
Using leftist logic, why don’t they just make millions of billion dollar coins and give them away to everyone; that way everyone will be rich!
Comment by V the K — January 12, 2013 @ 11:01 am - January 12, 2013
We can call it “The Obama Coin” to go with the “Obamaphone” and “Obamacare” and while we are at it we can change the US to the United States of Obama where Obama gives out all kinds of free stuff.
Comment by Just Me — January 12, 2013 @ 11:52 am - January 12, 2013
That would certainly increase aggregate demand. Until a loaf of bread costs millions of dollars.
Comment by Rattlesnake — January 12, 2013 @ 2:14 pm - January 12, 2013
#11 But inflation will be so high, we’ll need the $1trillion to buy bread and things. Only licensed officials will be able to have the quadrilion coin…for safety reasons.
Comment by Paul — January 12, 2013 @ 4:24 pm - January 12, 2013
Obama voters riot for free sh-t. What happens when liberals can’t provide enough free sh-t from the Government to keep the plantation happy?
Comment by V the K — January 12, 2013 @ 7:48 pm - January 12, 2013
Following the Germanic arc-of-History; the Imperial-Era for the United States is ending, and we’re about the enter our Wiemareine-Era; political deadlock, growing distrust in political-organs of State, rampant hyper-inflation, and a flight to Gold, Guns and the Church.
And we all remember how well THAT turned-out. …Ausweis bitte!
Comment by Ted B. (Charging Rhino) — January 13, 2013 @ 12:09 am - January 13, 2013
Heh
But yeah… “Quantitative Easing” (money-printing) is a tax. It funds the government’s debt. Now the government can spend freely. Meanwhile, prices are higher than they would have been. In the end, real economic value was transferred from people’s paychecks, savings accounts and balance sheets, to the government. Slick!
Comment by ILoveCapitalism — January 14, 2013 @ 9:11 pm - January 14, 2013