Thursday, January 01, 2009

A House of Cards

Obama’s Big Mistake: ‘Deficits Don’t Matter’

"We can't worry, short-term, about the deficit" is what Obama stated two weeks ago on Meet The Press. Deficits don’t matter.

And we wonder why so many Americans are in debt up to their eyeballs. Why live within your means, no one else does. The government certainly doesn't.

Congress has collectively been in denial for decades that deficits do matter. This is why we have over $50 trillion in unfunded liabilities associated with Social Security, Medicare and Medicaid.

It will all just magically work itself out - preferably when these congressmen are long gone.

Wesbury's suggestions included eliminating corporate taxes altogether during most of 2009, a 50 percent reduction in individual income taxes, or allowing full expensing of equipment and investments made by businesses.

Those ideas would keep billions of dollars directly in the economy, rather than funneling those dollars through the federal government to become polluted with pet political projects and the usual inefficiencies.

Of course none of those ideas would appeal to Harry Reid, Nancy Pelosi and the other liberals who believe in more taxes, bigger government and less individual responsibility.

Let's look at New Jersey to see how well "more taxes, bigger government and less individual responsibility" works.

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