|
|
DENNIS PATRICK: TAXES WON’T SOLVE DEBT |
The debt is currently so large that if the entire wealth of the upper 50% of income earners were confiscated the debt still could not be paid. Soaking the rich in a liberal socialist way is not the solution and certainly has unintended consequences. Carcasses of nations who tried this approach in the 20th century and failed litter the historical landscape. Too bad millennials can’t see the old Soviet Union as an example of such failure.
As fewer and fewer people carry more and more of the burden, reality will force a correction. Those few who carry the greatest burden will escape paying taxes through tax-free investments or moving money into investments overseas. The remaining citizens will have to suffer through the correction. By default, that correction will have to cut Social Security, Medicare, and probably government pensions. Even now demographics argue that a reality check will come sooner than later.
READ MORE...
