My first concern with my friend Elgin is that he is too filled with Conservative media’s information that he is unable to see the better times for the dour, an unfounded picture of what is actually taking place. If we do not have a basis of fact I our discussion, how will we proceed?
While I do not seek to undermine the tough times faced by those seeking to work, I would be remiss if I didn’t point out that all of the right numbers are in place. Layoffs are decreasing, job numbers are increasing, and even Wall Street is reaching record highs.
Let me also contend with his rather bold statement that passing a budget is a matter of law. I would doubt such an issue based, once more, on facts. Further, let us consider that such a budget from the Senate would not be welcomed in the House which has, thus far, acted only a temper-tantrum throwing toddler. Somehow, my friend Elgin seems to imply that this is the President’s fault and as such, the President could somehow force the Senate to create a budget. This is not only well outside the realm of likelihood, but so too the Constitution.
But, to my friend’s suggestions.
I believe we would both agree on ruling out Government induced hyperinflation.
However, I do not think his reaction and discarding of taxes is altogether sound. One does not simply quote one economist, but must rely on a preponderance of data. Further, my friend falsely attributes (following the lead of the Conservative media) to Christina Romer a conclusion she does not support. What do we actually know? That those to whom much is given, much is required. While I do not support retreating to the tax rates under President Eisenhower, a Republican, I do support higher tax rates on those who can afford it.
Unfortunately, instead of a balanced view, my partner in these discussions, suggests cutting spending. In the same study he uses to suggest, wrongly, that more taxes hurt, Romer suggests spending cuts hurt. And she continues this theme as well with her follow-up article. While he quotes a conservative icon, Gilder, he again simply chooses to remain with only source, rather than numerous sources, such as Romer, who state with proof that spending cuts will not help an economy.
I am unsure how these things aid in the discussion of the budget. I would hasten my friend back to the conversation. The budget must be set with priorities given education and the good of the people, requiring those with much to given more than those who have little. As the Senator from Massachusetts said, no one in the United States stands where they are without someone else.
If Mr Hushbeck means to explore austerity, this is a train-wreck waiting to happen. If he means to suggest that lowering taxes and cutting spending is the best possible way forward, this is a fantasy that leads to fateful junctures in history. No, a budget relying on austerity will not rescue us from our current economic troubles.
A budget that raises revenue by closing loopholes, raising taxes, cutting defense spending and other government spending, while increasing spending on social progress programs.