[net-gold] UNITED STATES: GOVERNMENT : UNITED STATES: POLITICS : ECONOMICS: The Tea Party's Modest Proposal
- From: "David P. Dillard" <jwne@xxxxxxxxxx>
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- Date: Sun, 14 Aug 2011 11:57:41 -0400 (EDT)
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UNITED STATES: GOVERNMENT :
UNITED STATES: POLITICS :
ECONOMICS:
The Tea Party's Modest Proposal
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The Tea Party's Modest Proposal
By Simon Johnson
Project Syndicate
Editor's Note: Simon Johnson, a former chief economist of the IMF, is
co-founder of a leading economics blog, The Baseline Scenario, a professor
at MIT Sloan, a senior fellow at the Peterson Institute for International
Economics and co-author, with James Kwak, of 13 Bankers.
Time
CNN World
Global Public Square
http://globalpublicsquare.blogs.cnn.com/
2011/08/13/the-tea-partys-modest-proposal/
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A shorter URL for the above link:
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http://tinyurl.com/3voetog
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Americas Tea Party has a simple fiscal message: the United States is
broke. This is factually incorrect US government securities remain one of
the safest investments in the world but the claim serves the purpose of
dramatizing the federal budget and creating a great deal of hysteria
around Americas current debt levels. This then produces the fervent belief
that government spending must be cut radically, and now.
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There are legitimate fiscal issues that demand serious discussion,
including how to control growth in health-care spending and how best to
structure tax reform. But the Tea Party faction of the Republican Party
cares more about small government than anything else: its members insist,
above all, that federal tax revenue never be permitted to exceed 18% of
GDP. Their historical antecedent is Americas anti-revenue Whiskey
Rebellion in 1794, not the original anti-British, pro-representation
Boston Tea Party in 1773.
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Most importantly, their tactics have proven massively destructive of
wealth in the US. Since the prolonged showdown over the budget began
earlier this year, the stock market has lost about 20% of its value
(roughly $10 trillion). In effect, the Tea Party is working hard to reduce
publicly funded social benefits including pensions and Medicare even as
its methods dramatically reduce the value of private wealth now and in the
future.
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Part of the Tea Partys founding myth, of course, is that smaller
government will lead to faster growth and greater prosperity for all.
Never mind that the eye-popping growth projections in Representative Paul
Ryans budget plan, for example, are utterly implausible; these projections
matter politically, because, without them, the full sting of Ryans
proposed Medicare cuts would be readily apparent.
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The complete article may be read at the URL above.
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Sincerely,
David Dillard
Temple University
(215) 204 - 4584
jwne@xxxxxxxxxx
http://daviddillard.businesscard2.com
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