Every generation needs a new revolution.

- Thomas Jefferson

Taxes Do Damage

There are those without the ability to thing, reason, calculate that tink all government spending is manna from heaven. There are those of us that disagree, understanding it can be harmful. For those still unaware:

Surprisingly, despite all the attention federal spending cuts and sequestration have received, our calculations suggest they are not the main contributors to this projected drag. The excess fiscal drag on the horizon comes almost entirely from rising taxes. Specifically, we calculate that nine-tenths of that projected 1 percentage point excess fiscal drag comes from tax revenue rising faster than normal as a share of the economy. [Read]

But, realistically, it is rare to enlighten a fool.

posted at 02:44:42 on 06/08/13 by clearpolitics - Category: Economics - [Permalink]

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The Gross National Debt