"The most radical, and effective, thing we could do for the economy right now is this: Stop collecting all forms of Federal business, income and payroll tax. EVERY PENNY OF IT. RIGHT NOW.hilzoy ponders:
Gasp! Yes, I said it, and I meant it. Go on an absolute, 100% Federal tax holiday. That’s a real shot in the arm that would suddenly inflate the economy by a solid $1.5 trillion or more per year.
Are you worried about the resulting fiscal deficits? Don’t be. There is a huge amount of demand for debt from global investors, and the credit crunch has blown a huge hole in private debt formation. That leaves a lot of room for the government to borrow more."
That certainly is a radical proposal. But "the most radical thing we could do for the economy"? I don't think so. If we really don't have to worry about deficits, Erick's proposal seems pretty small-bore. Why not help Americans deleverage by having the government buy up all individual and corporate debt? That would help get the economy moving again! Why not provide health insurance for everyone, along with Supertrains, flatscreen TVs, living room suites, and a lifetime supply of chocolate?She gatheres these quotes...
Brian Faughnan at RedState:
Ya think?Do the Blue Dogs care about balanced budgets? Do they oppose wasteful spending? Are they the taxpayer’s best friend, the conscience of the Congress, and the moderates who craft bipartisan solutions? Today is the day to prove it.Dan Spencer at RedState:
A $789 billion spending bill, all of which will have to be borrowed and later repaid by our progeny, cannot possibly be “fiscally responsible.And marvels:
It's almost as though the people at RedState are applying, well, a double standard: they care about fiscal responsibility when it comes to spending money to build schools or fix bridges, but all that concern just flies out the window when it comes to tax cuts.
Ah, Republicans: spending is generational theft -- but only when Democrats do it -- and tax cuts never are.
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