Dang...Barry must have written an un credited op-ed in the NYTimes under someone else's name. This is rich....tax increases are A-OK because they don't hurt the economy, but BUDGET CUTS will hurt the economy because of all the money that will be pulled out of the economy and left to the people to spend. Where have I heard that before?? Oh yeah...I think it was when someone proposed a 1.8 trillion dollar budget.
http://www.nytimes.com/2009/05/24/op...ef=todayspaper
Quote:
What the Obama administration should make clear is that a bias for spending cuts — and against tax increases — is the wrong approach for California and other states. Both spending cuts and tax increases are harmful in a downturn, because they reduce already weak consumer demand. But most states are required by law to balance their budgets, so when deficits emerge, they are forced to do one or the other, or both.
Contrary to conventional wisdom, raising taxes may be better than spending cuts because tax increases, especially if they are focused on wealthy taxpayers, have less of a negative impact on consumption. Spending cuts hit consumption hard, depriving the economy of money that would otherwise be spent quickly. They also have the disadvantage — so evident in the cuts proposed by Mr. Schwarzenegger — of falling heavily on the needy.
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