So, we're now on track to run trillion dollar deficits every year as far as the eye can see. We just hit $22 trillion in debt, which is up more than $2 trillion in additional debt since Trump took office only two years ago. We're spending a billion dollars a day on interest alone.
Under these circumstances, any "tax cuts" are illusory. The burden continues to radically rise, not lessen, on current taxpayers, and on our posterity, who haven't given their consent to any of this nonsense.
There's only one way out of this horrible mess, and that's to apply my three-fold criteria for any and all public spending.
1) Is it moral?
2 Is it constitutional?
3) Is it absolutely necessary?
If the answer to any of these questions is "NO," then it's high time we got rid of it.
Then what we have to do is to take the tax and regulatory burdens off of the producers in this country. We can start by completely dismantling the federal income tax, and replacing it with a simple, transparent, efficient retail consumption tax.
It's stupid and counter-productive to tax businesses and productivity. It's the equivalent of killing the goose that lays the golden eggs.
Put the tax burden on consumption, and you will encourage thrift and savings, which are the only things that can provide the seed for even more production of physical wealth and private property.
And last but not least, dismantle the massive regulatory state which is throttling our economy and disadvantaging us in the world market. Most of it is unconstitutional anyhow.
In the clean air of liberty, Americans can and will out-work, and out-think, and out-produce anyone in the world, no problem.
Restore our national moral basis. Restore respect for our Constitution. Restore liberty. The rest will take care of itself.
"Politicians constantly talk about 'jobs, jobs, jobs,' even though they don't have any jobs to offer that aren't government jobs, or jobs that are subsidized by the taxpayers, and by debt shoved off on our grandchildren. As if we don't already have more than enough of those kinds of jobs, right?
Here's another thing: while working for a paycheck is certainly an honorable thing, it is not the American ideal. The ideal is for YOU to OWN your own piece of this country.
My goal, should I become the governor, is not to offer jobs to my fellow Iowans, or to use your money to bribe some company to provide you with a job. My goal is to secure your rights, and to then create an economic environment of FREEDOM, low taxes, reasonable, minimal regulation, and OWNERSHIP, an environment that will quite naturally lead to productivity and prosperity for all.
And, of course, the bonus is, companies will line up to do business in a state like that. You know it's true.
'Jobs, jobs, jobs'?
OWN, OWN, OWN!"
-- Tom Hoefling, 2014 Republican candidate for Iowa Governor
Provided courtesy of CTMSR.com
New York Magazine
The real news in Mitt Romney’s interview with Mark Halperin, as Charles Pierce points out, is that Romney openly repudiated the central argument his party has been making against [Alleged] President Obama for the last three years: that he spent too much money and therefore deepened the economic crisis. Indeed Romney himself had been making this very case as recently as a week ago (“he bailed out the public sector, gave billions of dollars to the companies of his friends, and added almost as much debt as all the prior presidents combined. The consequence is that we are enduring the most tepid recovery in modern history.”) But in his Halperin interview, Romney frankly admits that reducing the budget deficit in the midst of an economic crisis would be a horrible idea:
Halperin: You have a plan, as you said, over a number of years, to reduce spending dramatically. Why not in the first year, if you’re elected — why not in 2013, go all the way and propose the kind of budget with spending restraints, that you’d like to see after four years in office? Why not do it more quickly?
Romney: Well because, if you take a trillion dollars for instance, out of the first year of the federal budget, that would shrink GDP over 5%. That is by definition throwing us into recession or depression. So I’m not going to do that, of course.
Read more at nymag.com ...
"Our national task today is to restore the conditions for economic recovery, without which our prosperity and our national security cannot be assured. We must restrain the headlong growth of the Federal budget; enact multi-year across-the-board tax reductions to spur new job-creating investment and productivity; roll back the tangle of regulations which needlessly hamper enterprises; and cleave to a sound monetary policy which preserves the strength of the American dollar. But even as we act boldly to achieve these goals, we most work to create the conditions for expanding the ownership of the nation's wealth, so that all Americans may have their fair chance to become true proprietors of their country."
--Ronald Reagan, Letter to Pierre S. du Pont IV, Delaware, 1981
"Any system that penalizes success and accomplishment is wrong. Any system that discourages work, discourages productivity, discourages economic progress, is wrong. If, on the other hand, you reduce tax rates and allow people to spend or save more of what they earn, they'll be more industrious; they'll have more incentive to work hard, and money they earn will add fuel to the great economic machine that energizes our national progress."
-- Ronald Reagan
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