Choices

Good post on the probable tax increases in the next little while. This highlights something that bothers me about both campaigns. The basic facts are that in the long run we can either cut taxes/leave the Bush tax cuts in place and deeply cut the military and/or entitlement programs such as Medicare, Medicaid, and Social Security, or we can raise taxes. It would be highly irresponsible to keep financing tax cuts by deficit spending.

The McCain people pretend that this choice does not exist. The Obama people have a plan to respond, but they tell people that only the rich will have to pay for it. Both of these views are irresponsible.

Spending needs to decrease by A LOT (like to the tune of 20 years worth of earmarks per year) or taxes need to go up. I'm more of the persuasion that tax rates to go up some for everybody, or almost everybody (especially those who saw their taxes go down under Bush). I believe in progressive taxation, but I also dislike the "soak the rich" mentality. Everyone should own a part of our nation's burdens. This doesn't mean we can't fund things like greater investment in education for the poor and middle classes, but it shouldn't come with the explicit or implicit notion that they don't have to put anything into it.