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August 10, 2005

Max Sawicky: Deficit Hawk?

Max Sawicky and I agree on so much that we inevitably really annoy each other when we disagree. And the sorest point has always been my occasional deficit hawk tendencies versus his expansive Keynesian "who gives a damn about deficits" attitude.

So this post by Max shows the Bush administration's deficit ways have broken even Max:

There are no tax cuts. Banish that phrase from your mind. You haven't seen any.

Republican control of the White House and Congress has yielded trillions in tax increases since January of 2001. How can this be? Simple. When you spend more, and when you pass laws that commit the government to spending more in the future, you increase taxes, sooner or later. Spending not financed by current taxes will be financed by future taxes... To be sure there are rewards for assorted vested interests, as so-called tax cuts grease the skids for heavier taxation of wages in the future. Your invoice will be in your pay envelope.

Posted by Nathan at August 10, 2005 01:32 PM