Tuesday, December 7, 2010

Democratic Economics

Steve Israel is today’s dope. He is campaigning to get the federal government to return 100% of the taxes New Yorkers pay to the Feds. His statement is that “No one should be paying more than they get.” He has even collected the support of the LIA and some local economist.
Third grade arithmetic: when the amount of taxes paid to the government equals the amount of money the government returns to the states, the difference is zero. But some portion of government revenue goes to pay Representative Israel’s salary, to pay for the SBA grant the “economist” got, to pay TSA workers to grab people’s genitals airports, and to pay for wars and other Gov’t overhead. The Fed could simply print more dollars to make up the difference but that is neither permanent solution nor a good idea.

It is no surprise that Steve Israel is another in a long line of Democrats that have no idea what they are talking about

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