309. Jeff Sachs on the Deficit « The Baseline Scenario
February 17, 2010 § Leave a comment
More taxes I less government. Deep belief of many and some real truth to. It.
“An equally deep crisis stems from the role of big money in politics. Backroom lobbying by powerful corporations now dominates policymaking negotiations, from which the public is excluded. The biggest players, including Wall Street, the automobile companies, the health-care industry, the armaments industry, and the real-estate sector, have done great damage to the US and world economy over the past decade. Many observers regard the lobbying process as a kind of legalized corruption, in which huge amounts of money change hands, often in the form of campaign financing, in return for specific policies and votes. ”
You can forget expecting US citizens to fork over more taxes. I assure you that won’t happen. If taxes are raised, there will be more cash transactions, bartering, reduced consumption, reduced income.