"...With a total debt of more than $13 trillion, our government is in the midst of forcing the largest intergenerational transfer of wealth the world has ever seen.
Instead of accepting that truth, and living within our means, each party is using its own favorite myth to make things worse. And they have the nerve to call the result a "deal."
...There are good reasons to cut taxes, of course. Lower tax rates really do spur economic activity, attract investment, and encourage entrepreneurs to start new businesses. But you can't get something for nothing.
...Our children will have to pay it all back, plus interest.
...Every dollar of debt resulting from extension of the Bush tax cuts is a dollar that must be paid back, plus interest, with new taxes on our young and future workers.
The net effect is not a tax cut at all, but an increase.
...In the long run, a dollar of spending must be paid for with a dollar of new taxes.
If you hate taxes, cut spending.
...Instead of some combination of reduced spending and increased revenue, we continue to borrow until there is no turning back.
Increasingly, economists recognize that we are near the point where simply paying the interest on the debt will crowd out other government programs ...as well as business investment..."
Michael Munger
Professor of political science and economics at Duke
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