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Jim727 Jim727 is offline
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Join Date: Oct 2006
Location: Northern California
Posts: 1,676
Quote:
The difference is that when that credit card bill comes due and we realize we don't have the money we can't go to our bosses and say "Hey - I can't manage my money. You will be paying me more now" where the government says "oops, we blew it. Time to raise taxes." and the whole overspend cycle starts again.
Not necessarily - even the gov't ultimately gets restrained by reality. Stagflation/Depression/Voter Revolt, for example. But the point was more that the basic premise of saving and spending prudently has morphed into borrowing irresponsibly and all too often with only one way out. I don't think the governments behavior with respect to, say, social security is any different than the way the public has behaved in the mortgage crisis.


Quote:
...the complete disappearance of reelection campaigns and fundraising would mean A) politicians have to actually focus on their jobs and could vote their consciences, B) they'd not be able to make quid pro quo promises in exchange for reelection cash, C) there's no longer be any incentives to use the fed. tax code as a means of rewarding or punishing political foes, supporters or grievance groups.
Agree. It's necessary but by no means sufficient, however.
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Old 02-07-2008, 10:53 AM
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