A Quote by Zanny Minton Beddoes
Governments need to lay out a credible path to reducing their deficits in the medium term, but without excessively enfeebling an already weak recovery. That means raising retirement ages and overhauling pensions; putting in place the budget rules and institutions that will curb future profligacy; and favouring spending cuts over tax increases.
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Deficits mean future tax increases, pure and simple. Deficit spending should be viewed as a tax on future generations, and politicians who create deficits should be exposed as tax hikers.
Tax increases slow economic growth. Why would you raise taxes? We need to reform spending, the tens of trillions of unfunded liabilities can never be funded by tax increases, that can only be fixed by reducing spending.
Governments don't reduce deficits by raising taxes on the people; governments reduce deficits by controlling spending and stimulating new wealth.
The world is likely to view any temporary extension of the income tax cuts for the top two percent as a prelude to a long-term or permanent extension, and that would hurt economic recovery as well by undermining confidence that we're prepared to make a commitment today to bring down our future deficits.
You've got to either say you're going to cut taxes and find some spending cuts. I think we ought to reform long-term entitlement spending in the country, but you can't out of one side of your mouth say, 'Yes, we're for tax cuts, we're for spending discipline, and we're for bringing down the debt.'
His presidency ended more than a decade ago, but politicians, Democrat and Republican, still talk about Ronald Reagan. Al Gore has an ad noting that in Congress he opposed the Reagan budget cuts. He says that because Bill Bradley was one of 36 Democratic Senators who voted for the cuts. Gore doesn’t point out that Bradley also voted against the popular Reagan tax cuts and that it was the tax cuts that piled up those enormous deficits, a snowballing national debt.
Much fiscal policy is implemented, not through spending increases, but through tax credits and other so-called tax expenditures. The markets should respond to them as they do spending cuts, with little contraction in economic activity.
Whenever people in Washington complain about spending cuts, they mean spending cuts that would affect defense contractors. They want to massively increase spending cuts everywhere else in the budget.
Because of the oil-and-water relationship governments have cultivated between ethics and political economy, speaking in plain terms - spelling it out as it is - as become foreign to the public. So here goes: When government sports a surplus, this implies that the political pickpockets have stolen more funds than they can possibly dream of spending. The property is not theirs to keep! Conversely, when deficits are reported, this means that the kleptomaniacs have not been able to steal sufficient funds to cover their profligacy.
I support responsible spending, and balancing the budget, but this tax cut and the budget cuts of last month accomplish neither of these goals.
Europe's budget plans are better designed: countries from France to Greece are raising retirement ages; others, from Britain to Germany, have created new organisations and rules to encourage fiscal probity. But Europe risks overkill.
Even with not having a balanced budget at this time, I support tax cuts. That will help limit spending.
Because tax cuts create an incentive to increase output, employment, and production, they also help balance the budget by reducing means-tested government expenditures. A faster-growing economy means lower unemployment and higher incomes, resulting in reduced unemployment benefits and other social welfare programs.
In Congress, while the House’s proposed defense budget calls for significant increases, it also cuts 11 billion dollars from veterans spending - including healthcare and disability pay. Be clear: we can’t equate spending on veterans with spending on defense.
In Congress, while the House's proposed defense budget calls for significant increases, it also cuts 11 billion dollars from veterans spending - including healthcare and disability pay. Be clear: we can't equate spending on veterans with spending on defense.
If, before 2020, there is a choice between further spending cuts, more borrowing and tax rises, the priority must be to avoid tax increases. They would disrupt consumption, employment and investment.
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