Saturday, January 17, 2004

"Let me be perfectly clear: Failure to make the tax relief permanent would be a huge mistake and would put our recovery in jeopardy." -- Treasury Secretary John SNOW, in prepared remarks to the U.S. Chamber of Commerce."
-CQ Today Midday Update [1/7/2004]

But I thought that the tax cuts were either for stimulating the depressed [oops, did I just use the 'd' word?] economy or for giving money back when the economy was up. Now we're just giving away more tax cuts to the wealthy because we've been accustomed to doing so for the past few years? Someone please explain this to me. Perhaps it would be better if, as the economy begins to recover, we retain some of the tax revenue our government has been lacking of late so that we can start to shrink the enormous budget deficit.

Here in Israel on Friday morning I was asked by a senior Ministry of Welfare official how we can possibly waste so much money so as to create such a mammouth national debt. I had no answer for him. They're in deep economic distress here with deflation for the first time in Israel's history. Let's make sure such misfortune does not spread globally, specifically in the US.


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