Read Williams: Economic Chaos Ahead

Take a few minutes today to read Prof. Walter Williams’ current Creators Syndicate column, Economic Chaos Ahead.

From Williams’ post yesterday.

The Congressional Budget Office estimates that it’s possible to sustain today’s level of federal spending and even achieve a balanced budget. All that Congress would have to do is raise the lowest income tax bracket of 10 percent to 25 percent and the middle tax bracket of 25 percent to 66 percent and raise the 35 percent tax bracket to 92 percent.

Oh, joy. Read the whole thing.

7 replies
  1. Dimsdale
    Dimsdale says:

    It is easy to pass the deficit/debt buck to the taxpayer.
    Williams says the country is due, well, overdue really, for some “economic cold turkey”, which, for like any other addiction, is a difficult and painful path to kicking the addiction and going back to true, economic responsibility.? This is something no deficit spending will ever fix; it will just make the withdrawal symptoms for the future generations that get hit in the head with the “can” that the current pols keep “kicking down the road”.
    As the pre “Government Moters” used to say, “pay me now, or pay me later”.? There are? no economic “ruby slippers”.

  2. sammy22
    sammy22 says:

    Even Greece and Italy have found a way to introduce budget cuts (by compromise). The US Congress can only produce nada!

    • NH-Jim
      NH-Jim says:

      The keyword in your statement is “BUDGET”.? I lay the blame for our lack of fiscal control right at the feet of Harry Reid who presides over the Democrat controlled Senate that has FAILED to pass a budget in over 1,000 days.? Meanwhile the house has made a start.

  3. sammy22
    sammy22 says:

    I put the word “compromise” on purpose above (that is what they did). What we have had in Congress is gridlock, hence no action and surely NO compromise.

    • Dimsdale
      Dimsdale says:

      How do you compromise with no budget?? The Republican controlled House is doing their job, whether you like what they produce or not, but the Democrat controlled Senate, in yet another breach of etiquette, law etc., simply refuses to do so.? If the Dems have a better idea, let’s see it.

    • GdavidH
      GdavidH says:

      I don’t think you know what comprimise means. It certainly is not defined as:”Republican concessions that entice the media to report that bipartisanship and comprimise have occured. Gridlock is good when it prevents the destruction of an economy by hyper-taxation with no restraint.

  4. ricbee
    ricbee says:

    The CBO & Commerce are still hiding the true inflation figures.
    A cupla pounds of gold & many rounds of ammo will insure the chaos doesn’t spread.

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