The Federal Government really only has two things to do: (1) protect the country and (2) serve as a fiduciary in trust of the tax and tarriff dollars that they oversee. Our current president has failed in his first responsibility and, up until now, has held firm on the second. However, after getting us involved […]
Written by randomfool on February 20th, 2007 with
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The Federal Government really only has two things to do: (1) protect the country and (2) serve as a fiduciary in trust of the tax and tarriff dollars that they oversee. Our current president has failed in his first responsibility and, up until now, has held firm on the second. However, after getting us involved in a stupid war in Iraq (which only makes us less safe) and spending way too much money resulting in huge budget deficits, he now is about to abdicate the one responsibility that resulted at least in my vote: he is about to let the Democrats raise taxes. You knew that before all the balloons fell to the floor of the victory parties in November that the Democrats were talking about raising taxes and now 43 is about to let them get away with it just like 41 “read-my-lips” did before him.
Deficits generally don’t bother me that much. The Federal government can borrow so cheaply and has esstentially created the backbone of the financial system with treasury bonds. It doesn’t make too much sense to raise taxes in years where expenses are high (e.g., we have to build an aircraft carrier or fight a war) and then lower them when expenses are low (something that never happens anyway), so it makes sense to borrow the money and, while we are at it, provide a robust bond market. Eventually, if we don’t raise taxes, deficits will ultimately consume all available resources to make interest payments which would then deprive the Federal government of its life blood.
However, there is absolutely no excuse for raising taxes. The Federal government already swims in way too much money that is routinely and systematically wasted (e.g., the $13 billion military shuttle launch pad that was never used, the $10 billion IRS computer system that never made it past the specifications stage, etc.). The Federal government should be no more than 20% to 30% of its current size so it has far more money than it ever should need and there is absolutely no reason to give it even a single dollar more.
Up until this point I have felt that I would have voted for W again given the choices that I had and I still think I would. However, it is going to make me very mad if he gives in now and lets the Democrats raise taxes. Apparently, the way that W is justifying his support is by allowing a trade of a reduced AMT for middle class for increased taxes on the “wealthy” so long as there is no net increase in taxes. Frankly, that is just bullshit. Any increase in taxes on anyone is an increase in taxes and a trade like the one W is considering now is just a politically motivated transfer of wealth. Politicians love to tax the rich when they need money but when there is a surplus, as there was a few years ago, the Dems don’t want to give it back (Al Gore would rather spend the money and claim that it doesn’t make sense to give it back because it would only be enough to buy Diet Coke).
43 is already on the path to be considered at best a mediocre president (and more likely a failure) but if he gives up on his promise to reduce taxes only to then raise them on the “wealthy” (especially if he defines “wealthy” like John Kerry tried to do) in a desperate trade for an AMT reduction for the “middle class” will mean that the last remaining reason to justify my votes in 2000 and 2004 will fall away. Of course, the sad thing is that, given our worthless political system I would still vote the way I did given the choices that were available.
Written by randomfool on February 20th, 2007 with
no comments.
Read more articles on General Folly and Politics.
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