Saturday, August 20, 2011

Intergenerational 'Con Job'


The latest deals to "save" American and Greek public finances - those countries can now put themselves into even deeper debt - should puncture the illusion the welfare state was ever a success; fact is, it was always built on borrowed time and borrowed money. Successive postwar generations went to the doctor, availed themselves of government services, built roads and enjoyed other partially debt-financed benefits. It's akin to buying an expensive home and handing the delayed mortgage payments to your kids when they turn 18……

For example, since 1995, and as a percentage of its economy, Greece's total tax take has been about one-eighth to one-fifth higher than the United States (depending on the year). But high-tax Greece put itself into more debt, as did the (relatively) low-tax U.S. In other words, the assumption that higher tax revenues will save a country from its spending and borrowing addiction is mistaken. A high-tax, inefficient tax regime can slow economic growth and encourage tax cheating and depress tax receipts - another one of Greece's many problems, actually……


  1. This is actually a good thing people. Internet is making things more efficient for us so jobs are not needed. We all need to just chill out and let the government do what it was meant for.

    The stock market is ready to get rocking again, who wants to walk around with a bunch of "precious" metals? I think I'll use my credit card instead, thank you very much!

    The last I checked cartoons are still on television so how bad can things be? So things are a little bit more expensive, big deal? Once the market booms; overpriced metals will decrease in value, gas will get to be a dollar again once we make peace in the middle east, and people will get jobs.

    Until then use your credit cards, accept some temporary debt, keep your tires full, have your younger children mow grass, and "think" the problem away.

  2. Eric T you have no real idea of what you speak! Credit cards? Really? Credit cards ie. 'easy credit' has led to more problems for more people than can easily be counted. And as for things being a "little bit more expensive" tell that to those living on fixed incomes. Jeesh dude, grow up and "think" of something more constructive to say.

  3. Eric T is either a government schill,or a total dickhead.

  4. I vote for both: a dickhead gov't schill


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