The Daily Sandwich

"We have to learn the lesson that intellectual honesty is fundamental for everything we cherish." -Sir Karl Popper

Location: Boston, Massachusetts, United States


Thursday, March 16, 2006

Tax and spend? Ha! SPEND and spend, baby!

Last week I wrote about the sort of fiscal irresponsibility that all entering college freshman are warned about. It's also the sort of lesson that lots of people are set to learn the hard way with all that mortgaging of homes that's been going on.

But the party of fiscal responsibility has the sort of leeway that a college kid or first-time homeowner doesn't. When those people hit their debt ceiling, the party's over-- they have to start paying it back. Mil Apodos shares a link that I daresay shows the GOP's willingness to sell out the nation's future in favor of saying "I'm a tax-cutter" on the stump. Hey-- no-one ever became the most popular kid in the dorm for not throwing a party on the charge card.

The Senate voted Thursday to allow the national debt to swell to nearly $9 trillion, preventing a first-ever default on U.S. Treasury notes.

The bill passed by a 52-48 vote. The increase to $9 trillion represents about $30,000 for every man, woman and child in the United States. The bill now goes to President Bush for his signature.

The measure allows the government to pay for the war in Iraq and finance Medicare and other big federal programs without raising taxes. It passed hours before the House was expected to approve another $91 billion to fund the war in Iraq and provide more aid to hurricane victims.

The key phrase there being 'without raising taxes.' Which isn't necessary, because as any Bush loyalist will tell you, his massive tax cuts increase government revenue. So we don't actually have the largest debt in global history-- we're just, uhhh... waiting for all that money to flow in from lower taxe rates. It's also interesting to note that a few Republicans crossed party lines here to vote against increasing our indebtedness to foreign countries. Like two or three.

As a final note, like the one hundred-plus BILLION dollar missile defense system, supply-side economics is a legacy of the Reagan era that desperately needs to be hit with a tire iron and dumped in a shallow grave. Why they're still being foisted on us in spite of their spectacular failure is a mystery.

UPDATE: Every Democrat voted against the spending limit increase. Hooray! Three Republicans joined with them, and they're not even moderates: Burns of Montana, Coburn of Oklahoma, and Ensign of Nevada. Good for those three, but they certainly aren't the names I expected to see.