Postponing the Pain

Economist Charles Wheelan writes occasionally for Yahoo Finance, and he’s always terrific.  In a recent article he suggests that the President extend the current graduated tax structure, with a plan to balance the budget in 3 or 4 years (when the economy is stronger) by cutting spending and adding consumption taxes such as a gas tax.

We, of course, responded that our Congress still won’t be able to get the job done unless they’re bound by a balanced-budget amendment to the Constitution.  Balancing the budget is their primary job, but we’re not going to get too snippy here.

Let’s not forget that 20% cap on federal spending.  Through war, peace, expansion, and recession, under Republicans and Democrats, the government has taken a larger and larger share of our economy as the years have rolled by.  The spending cap is the best way to keep the government from crushing us all beneath its great rolls of insensate, self-satisfied fat.

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