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[quote=Anonymous][quote=jsteele][quote=Anonymous]
I don't have the answers.  One not-too-stupid way out is to play the Argentina card and inflate.  Most of us with an Austrian economic bias believe that's our future.
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I could get on board with a helicopter drop if they would drop it someplace besides the banks. I don't quite understand your opposition to returning the upper tax brackets to the pre-Bush levels. Nobody expects that to single-handedly solve the problem, but it is a piece of the puzzle. But, politically, we have constrained ourselves. We don't want to increase the deficit, we don't want to cut, and we don't want inflation. There's not much left after that. I think a Keynesian approach could work, but the so-called deficit hawks and those who have nightmares about inflation make it impossible.
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I don't have a problem with restoration of those marginal rates but add in higher cap gains, higher dividend tax rates, extra payroll tax, and I worry when you push overall marginal rates toward 50%.  Add in state/local and it's an impressive tax rate.  I don't appreciate the false tenor of the "millionaire/billionaire" chatter--it's done by those who know better.  (1) income and wealth are two wholly different things and they know that (I called Pearlstein on that a few mos ago and he agreed--he's usually better than that) (2) are we really claiming an income of $300k on a coast with a family makes you rich?

Just don't think the class warfare moves us anywhere helpful, and you see the applause lines parroted here on dcum w/o much appreciation for the bigger picture.  Finally, it's a helluva lot of fighting for little benefit.  CBO's revenue estimate for the higher rates = almost 1 month of Federal deficit spending.  If you're gonna p%ss off so many people at least get some real returns.

Illinois downgraded today.  Horrible budget deficits and inept (dem) legislature.  Higher taxes not helping and in fact companies are moving to close-by states (capital flight--just like in Europe.)  IL is our Greece and eventually Fed money will be needed to bail them out.

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