Lots of people have been calling for new taxes and tax increases at the federal, state and local levels. We also know that Washington will allow the Bush tax cuts to expire soon. So, taxes are going up - no doubt about it. But, as our taxes go up and up, will our deficits and debt decline? A brand new article in The Wall Street Journal sheds some light on this important topic that impacts both jobs and economic growth.
As first thought, it might seem to make sense that we need to increase taxes to cover Washington’s lavish spending spree. Remember all those costly stimulus bills that failed to bring down unemployment substantially? Unemployment is still around 9.9%. It’s actually 17.1% if you count all those people who have given up looking, or all those people who have settled for part-time work because they couldn’t find full-time work. Washington has spent lots of money following the discredited Keynesian policies of the past. [more...]
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