Right now, it seems the Tea Party is stuck in some fantasy realm (to continue the swords and wizards analogy, if I may).
A balanced budget amendment is their mystical magical talisman that will solve all the economic evils. The only problem is that a balanced budget law is unrealistic. Since GDP is fluid, it is impossible tie the budget to GDP. Imagine if the 2007 budget had been keyed to the 2006 GDP. It also makes no room for years where there are several large scale disasters. Imagine national response hobbled by a BBA in a year that had been hit by a Katrina, BP oil spill, Joplin tornado, and a 9/11.
Next (again with the swords/magical quest analogy), the Tea Party imagines a hack and slash strategy. Just cut cut cut and all will be well. Again, that does not work, revenues must be a part of any realistic answer. When 90% of the wealth is controlled by 10%, but the 90% that have the remaining 10% pay the bulk of the taxes, the imbalance will keep coming up.
Lastly, Speaker Boehner seems unable to wipe his own......nose without the Tea Party's consent. He likes to tell everyone that he was a small business owner before he entered politics. If he dealt with all of his business finances by cutting and never raising prices, then he went into politics after going out of business.
Right now, it seems the Tea Party is stuck in some fantasy realm (to continue the swords and wizards analogy, if I may).
ReplyDeleteA balanced budget amendment is their mystical magical talisman that will solve all the economic evils. The only problem is that a balanced budget law is unrealistic. Since GDP is fluid, it is impossible tie the budget to GDP. Imagine if the 2007 budget had been keyed to the 2006 GDP. It also makes no room for years where there are several large scale disasters. Imagine national response hobbled by a BBA in a year that had been hit by a Katrina, BP oil spill, Joplin tornado, and a 9/11.
Next (again with the swords/magical quest analogy), the Tea Party imagines a hack and slash strategy. Just cut cut cut and all will be well. Again, that does not work, revenues must be a part of any realistic answer. When 90% of the wealth is controlled by 10%, but the 90% that have the remaining 10% pay the bulk of the taxes, the imbalance will keep coming up.
Lastly, Speaker Boehner seems unable to wipe his own......nose without the Tea Party's consent. He likes to tell everyone that he was a small business owner before he entered politics. If he dealt with all of his business finances by cutting and never raising prices, then he went into politics after going out of business.
BTW, it's Mordor (I am such a nerd)