|
|
The
views expressed
on this page are soley those of the author and do not
necessarily
represent the views of County News Online
|
 |
Townhall Finance...
Progressive
Vikings Tax, Rob and Pillage
By John Ransom
Jun 29, 2013
While many waited for Federal Reserve chairman Ben Bernanke to take the
weight of the world markets on his Ivy League shoulders by declaring
QE-4EVR-LOL!, the real economists at the Federal Reserve Bank in San
Francisco came up with a more detailed explanation for the poor,
dragging, sluggish U.S. economy.
What they found will astonish you.
And yes, this is a true story.
“[D]espite all the attention federal spending cuts and sequestration
have received,” wrote Brian Lucking and Daniel Wilson in the FRBSF
Economic Letter,“our calculations suggest they are not the main
contributors to this projected drag [on U.S. GDP]. The excess fiscal
drag on the horizon comes almost entirely from rising taxes.
Specifically, we calculate that nine-tenths of that projected 1
percentage point excess fiscal drag comes from tax revenue rising
faster than normal as a share of the economy.”
Let’s roll that again: “The excess fiscal drag on the horizon comes
almost entirely from rising taxes.”
So, no to be outdone- amidst signs that the global economy is
sputtering, with drooping economic forecasts for Asia, Europe and U.S.
environs outside the D.C Beltway- Obama and his G8 pals stepped into
the breach with a solution.
As this is a family publication, or at least a publication read by
people who have families, I use the word “breach” to describe what they
stepped into.
Others might use a more aromatic or pungent descriptor.
Moo.
So anywho….
For the rest of this article and more, click here
|
|
|
|
