Column: The problem isn't raising taxes, it's spending, spending, spending (via latimesopinion)
Biden misinterpreted the passage of his $1.9-trillion COVID relief package as a green light for vastly more spending on infrastructure., but to say there is no similar consensus is an understatement on par with saying “America isn’t in a bipartisan mood.” Sen. Bernie Sanders insists that progressives have already compromised by coming down from a desired $6 trillion in additional spending on a raft of new entitlements and social welfare programs. Sen.
Yes, Keynesians favor increased spending and lower taxes to get out of a recession by stimulating consumer demand . The thing is, we’re not in a recession and demand isSo, in theory, raising taxes in order to pay for previous spending on previous black swans and thus prepare for the next one makes sense.
The problem is we live in nonsensical times. There is zero appetite in Washington to deal with the debt. That’s in part because voters don’t care about it either — and that’s because they’ve figured out the politicians never really cared to begin with. Republicans squandered their remaining credibility on the issue under President Trump, and Democrats have simply rejected the premise that debt matters at all.
Even for those of us who don’t want to live in a European welfare state, raising taxes to pay for the government Americans may want has an upside: It should teach us to keep politicians on a short leash. If Americans thought they would pay for the $6 trillion they‘ve already borrowed and spent on the pandemic, they’d be less likely to support spending trillions more. They might say, “Let’s save that for a rainy day — or a black swan.
I’m willing to talk about limited tax hikes, but not while people are talking about unlimited spending.
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