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Double Santa Claus
Mar. 13th, 2012 12:07 amhttp://www.commondreams.org/view/2009/01/26-0
Democrats, [Jude Wanniski] said, had been able to be "Santa Clauses" by giving people things from the largesse of the federal government. Republicans could do that, too – spending could actually increase. Plus, Republicans could be double Santa Clauses by cutting people's taxes! For working people it would only be a small token – a few hundred dollars a year on average – but would be heavily marketed. And for the rich it would amount to hundreds of billions of dollars in tax cuts. The rich, in turn, would use that money to import or build more stuff to market, thus increasing supply and stimulating the economy. And that growth in the economy would mean that the people still paying taxes would pay more because they were earning more.
There was no way, Wanniski said, that the Democrats could ever win again. They'd have to be anti-Santas by raising taxes, or anti-Santas by cutting spending. Either one would lose them elections.
I call it the triple bribe. Bribe taxpayers with unfunded cuts, bribe contractors with unpaid-for spending, and then sell bonds to cover the debt, letting the bondholders think they're shareholders investing in the government. Awful.
Democrats, [Jude Wanniski] said, had been able to be "Santa Clauses" by giving people things from the largesse of the federal government. Republicans could do that, too – spending could actually increase. Plus, Republicans could be double Santa Clauses by cutting people's taxes! For working people it would only be a small token – a few hundred dollars a year on average – but would be heavily marketed. And for the rich it would amount to hundreds of billions of dollars in tax cuts. The rich, in turn, would use that money to import or build more stuff to market, thus increasing supply and stimulating the economy. And that growth in the economy would mean that the people still paying taxes would pay more because they were earning more.
There was no way, Wanniski said, that the Democrats could ever win again. They'd have to be anti-Santas by raising taxes, or anti-Santas by cutting spending. Either one would lose them elections.
I call it the triple bribe. Bribe taxpayers with unfunded cuts, bribe contractors with unpaid-for spending, and then sell bonds to cover the debt, letting the bondholders think they're shareholders investing in the government. Awful.
