Tuesday, 5 December 2017

Quote of the Day: "The absolute lie in this entire conversation about tax rates is that government has a revenue problem..."

"The absolute lie in this entire conversation about tax rates is that government has a revenue problem. They don’t. They have a spending problem. And it’s the fault of both political parties."
~ J.R. Salzman
RELATED LINKS [hat tip David Stockman]:

  • The GOP Tax Cut Isn't Supply Side---It's A Fiscal Scam - Stephen Roach, PROJECT SYNDICATEThere are times when the politicization of economic arguments becomes dangerous. This is one of those times. The US simply can’t afford the current tax cuts making their way through Congress. According to the nonpartisan Congressional Budget Office, the cuts will result in a cumulative deficit of about $1.4 trillion over the next decade. The problem arises because America’s chronic saving shortfall has now moved into the danger zone, making it much more difficult to fund multi-year deficits today than was the case when cutting taxes in the past.
  • The Bull Market In Idiocy - M.N. Gordon, ECONOMIC PRISMFor now, however, several things are abundantly clear. Everyone – including you – is getting rich from Bitcoin. So, too, everyone’s getting rich from FANG – Facebook, Amazon, Netflix, and Google – stocks. Likewise, everyone’s getting rich shorting the CBOE Volatility Index (VIX). What to make of it? Without question, there’s a bull market in idiocy. And when there’s a bull market in idiocy, idiots get rich.

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