First let me say that I think most people who didn’t vote for Obama are being gracious and hopeful that we will live in good times in the coming years.
It’s funny to me, though, that the general sentiment I’m sensing from the disappointed Right is that they need to hold on to their checkbook. They think that they will be paying for new spending in higher taxes.
First — the debt is $10 trillion. Our GDP is about $15 trillion. So our debt load is 2/3 of our GDP. That is getting out of hand. Our budget is about $3 trillion, so our income should be $3 trillion and thus our debt is more than 3 times our nominal income. We gotta get this house in order. We need to do it by growing the economy, running a surplus budget and paying down the debt. If, at my company, we had 3x our gross income in debt, I’d be shocked and worried.
We need to run a surplus budget. We have to do it. Some balance of less spending, higher taxes and growth of the overall economy is the solution. We can’t raise taxes so high that we curtain economic growth. We can’t cut spending so much that programs and services are starved to inefficiency. The liberal solution to growing the economy is investment in shifting the entire bell curve of the standard of living, thereby giving a return on that investment in the form of a more robust economy. The Right still seem to believe in trickle down economics.
Second — the Right doesn’t necessarily do better under Republican administrations! They think they do, because capital gains taxes do tend to be higher under Democrats, but one needs look no further than 8 years of George W. Bush to see that alone is not a good measure. Would you rather pay a little more on capital gains and have your economy not tank? I think you would.
I think the unwillingness of affluent Americans to pay taxes is one of the least patriotic things I can think of. They want to have the world’s most powerful army and they do have the world’s most powerful economy and they still can’t do the math the reveals how crucial progressive taxation is to our success in these areas. It’s vital, it’s working and rather than be grateful for the privileged lives that they lead, they whine about taxes. It’s sad, really.
So lighten up, Righties. You’re going to be fine.
2008-11-05 » lolife