Told Ya So: Supply-Side Ain't Working!!!
By Number Six
Tuesday, January 03, 2006 at 01:25 AM
I feel like gloating. Gloat. Gloat. Gloat.
Okay, this from The New York Times, of all places....Gee. Golly. Gosh. Shazam. You mean that the infamous "supply-side" eco crap just ain't cutting it anymore?
What kills me is that the document the story is based on, is a tad long winded, but that's typical of governmental doings, naturally....but, it's what the document has to say about how long-term tax cuts kill the revenue base, thus, Washington ends up dead broke with no income.
Supply-side economic theory is much like creationism: No math, no hard evidence, but a lot of dogma that sounds good to morons. Minor detail: Apply reality and the wings fall off.
From the study itself:
-I ain't seen that many negative numbers since the ratings for Threshold.
-the tax policy of 10 percent cuts will create about a $466 billion shortfall over 5 years, and another $775 bilion during the second 5 years.
-Yet, such cuts would offset as little as only 1 to 22 percent over 5 years, and with an offset of 5 to 22 percent over the next 5.
English translation, if you prefer?
Okay, it's like this:
What so-called "economic stimulus" that tax cuts are estimated to generate won't do goddamned doodly squat. Imagine someone telling you, "Hey, I got a great way to make $170 billion, but it's gonna cost $775 billion to make it, sound interested?"
In other words, the author of this CBO study's trying, in a subtle way to underscore what so many of us already know: Supply-side is a fairy tale, doesn't work, can't work and somebody should take this idiotic theory and stick it where the moon never shines, capice?
Of course, this study, along with other stuff based on hard reality, won't be considered with any merit by the current regime in power; it tends to fuddle with their ability to stay on their knees to the Corporati, which, as anyone's figured so far, own both houses of congress, and yes, have their hands deep up a certain puppet ruler's rectum.
Meanwhile, to make ends meet, the government borrows and borrows and borrows even more, unlike those of us facing increased credit card payments, bankruptcy laws that border on indentured servitude, jobs going overseas being replaced with stuff like wonderful careers at McDonald's or Wal-Mart.....and one starts to wonder:
What happens when we, the people, on our way into court ourselves, to attend the first hearings of bankruptcy, well, what do we do if we run into Washington on their way in???
I can't wait to hear their story at counseling. "Oh, well, see, there's this war..."