Thursday, February 19, 2009
Deficits v. tax cuts
So, if the Rethugnicans have their way, America's economy will collapse, are we agreed? I'm utterly confused about how they can on the one hand wail about the awful deficits and then on the other hand demand more tax cuts. As I can best figure it out, we have deficits because there isn't enough revenue to pay for the war, for domestic spending, and so on—we have to borrow money. Borrowed money equals deficits, right? So if we have further tax cuts, don't we have to borrow more money? Even if the GOP''s wet dreams of drowning government would work out, there are still a lot of pay checks to cut every month.