Mr. Kinsley is a lefty pundit with whom I have almost never agreed. Today, however, he's got a "read the whole thing" column with this tibit.
The question remains: If the deficit doesn't matter, why have any taxes at all? And if there is some point at which the deficit does start to matter, and become dangerous, when is that point if $1.6 trillion isn't it?Seriously, read the whole thing. It's nothing new on this blog, but when it comes from an old hand on the left like Michael Kinsley, it means something.
Foo on you for making me read this bit in the column: [because it hurts rich lenders and helps poor borrowers,] "inflation can help to reduce one of our most serious economic problems, which is the increase in income and wealth inequality."
ReplyDeletePerhaps we need to tell the rich to hire fewer people, and the poor to hire more. That will help solve Kinsley's most serious economic problems, right?
Yes, he's still got plenty of wacky ideas, but the point is that he's homing in on the fact that you can't simply borrow and spend endlessly. Like it or not, the problem won't be solved until a large majority of people agree that it is a problem.
ReplyDeleteAs for the disparity in wealth, I don't disagree with Mr. Kinsley that it's an issue. I just happen to think that his solution is all wrong. I'd suggest that a muscular Christianity combined with Dave Ramsey advice is the best way out of the problem, i.e. prudiciousness!
:-)