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Thursday, April 14, 2011


Stan Gibilisco

As the Baby Boomers retire and grow old, demand for entitlement payouts will rise relentlessly. People might not favor the notion of socialism (I certainly don't), but they'll like freezing, starvation, and premature death even less. Mark my words: Our tax structure will resemble that of a European country within 25 years. Let us hope we end up more like Sweden and less like Greece.


Conflating the U.S.and Greece is an absolutely ridiculous scare tactic. Just a few quick points:

Nothing in Obama's proposal expands any entitlement or welfare programs and that expansion would have to be great to approach anything close to those in Greece. At best, he maintains the status quo.

Unlike the U.S., Greece does not have its own currency which greatly limits its options for dealing with public debt.

While U.S. deficits are forecast to drop in the near term, those in Greece were not had they not made changes--and still may not. And while our annual deficit is forecast to top out a 10% of GDP, Greece reached somewhere near 15% as their crisis hit.


A.I.: perhaps you have been in a cave since last we conversed, but entitlements are expanding ON THEIR OWN. Nothing in Obama's proposal would do anything to curb them. It would raise the possibility of massive, automatic tax increases to pay for them. The share of the American economy would rise dramatically.

Yes, Greece is the extreme case, but it got where it is the same way we got here, and the President is determined to keep us on that path. Yes, Greece is limited by the Euro. It also has someone bigger and stronger to bail it out.


Once you add up all the levels of government and all of the ways of demanding more from the taxpayers – income, gas, sales taxes, alcohol taxes, property taxes, automobile fees, etc. it’s no wonder the average taxpayer feels abused and exploited. In most places in America, three separate levels of government demand enough to keep their operations going with minimal cuts to the pre-recession levels of spending. Few of them see the taxpayer as their employer; they see us as the credit card that enables the gratification of spending.


Ultimately, we have only two choices. In the real world, either more prudent management of our federal fiscal affairs, or else a painful and destabilizing crash, will occur. We will either choose, or the choice will be imposed on us.

Ken Blanchard

William: I am not happy to say that I agree with you completely, at least as regards your last post.



I'm not happy I feel like I have to say it, but I say it often, usually falling on deaf ears. That's what worries me the most...

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