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Thursday, July 06, 2006

The Economics of "Forgotten Sacrifice"

Wednesday's WaPo featured an editorial from an Air Force Captain who is unsure that America appreciates the sacrifice of the military and their families.

His point is that Americans foolishly continue to spend thousands of dollars everday on triviality such as parties, entertainment, etc., while the nation is at war.

I like his perspective and appreciate his sacrifice; however, I question his economics. He (almost bitterly) states,
Today Americans go back to their normal business. The politicians in Washington have made sure the sacrifices of the war are borne by the very smallest percentage of Americans. They won't even change the tax rates to prevent deficits from running out of control. Future generations will pay the cost of this war.
Not quite. Tax increases yield a short term gain in government revenues; but because the government is taking money away from the people and businesses, long term tax revenues decrease resulting in a worse revenue had taxes not been raised.

Let's be honest. The government has plenty of money, the problem is what they are financing with that money. More money is never the solution to financial problems (personally or nationally); the solution rests in reigning in unhealthy spending habits.

A good start would be the Constitution. Let's eliminate all spending on federal programs that are not mentioned in the Constitution. In one stroke, we just solved our money problems. Too simplistic or just right?

HT: Independent Christian

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