…fiscal policy is on an unsustainable path to an extent that cannot be solved by minor tinkering. The country faces a fundamental disconnect between the services the people expect the government to provide, particularly in the form of benefits for older Americans, and the tax revenues that people are willing to send to the government to finance those services. That fundamental disconnect will have to be addressed in some way if the budget is to be placed on a sustainable course.
Douglas W. Elmendorf
Director, Congressional Budget Office, November 10, 2009
11/13/09
If most were to comprehend the following, could an entirely different set of counterintuitive circumstances emerge?
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Services to older Americans have been financed with payroll taxes. Payroll taxes are probably the most regressive taxes in the US. If Social Security and Medicare were financed by a tax on all income, not just "earned income." there would be enough money to fund medicare for every citizen.
George, please concentrate on the over-taxing and stupid over-spending of the Greensboro Government. You are pretty good at that.
Thanks Diane. Following Greensboro's finances has been an eyeopener. It's like a small scale example of the world as a whole. Once I got my feet wet, it became a bit addictive, so I will be pointing out this and that going forward.
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