Bloomberg notes that 46 states are short of cash. The solution? Well, all the experts say we need a combination of budget cuts and tax increases. I'm always amazed at this pat response. I suppose the pundits all say this so that they seem balanced and reasonable, but it doesn't make any sense at all to me because it doesn't take into account current tax levels.
At what point do the sage experts finally say, "The solution to this problem is budget cuts and nothing else?" Is it when the aggregate tax rate is 30%? 40%? 50%? 80%? I'd suggest the answer is never. The suggestion that we need a combination of tax increases and budget cuts is not rational or considered, it's social. None of them want to go on the record as being an extremist, so they just wheel out their standard trope, stroke their chins and look thoughtful. After all, they want to be called back to the show or interview next week so they can't seem like they're completely nuts.
When is a person too anemic to donate blood?
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