I agree with your points on prohibition. I also agree that when times are hard, the liberal view holds much more allure.
Your statement: QUOTE The Bush Tax cuts, which overwhelmingly favor the top 1% of taxpayers, along with the huge runup in Federal spending on the military will result in massive budget deficits which will in turn force interest rates higher- tighening the debt markets and making it harder and harder for business' already saddled with huge debt loads to refinance their bonds and other corporate debts- all of this points to a period of massive deflation, and potential recession or depression.
nts here ENDQUOTE
They said the same thing about Ronnie Ray-Gun. Partly true, but the early 80s-late 90s prosperity paid off that debt. The spending in aerospace, shipbuilding and defense put a lot of money in real workers real pockets. I certainly enjoyed that. I was one of 'em. That prosperity also came partly from low interest rates. Those rates never went so high because profits kept borrowing down by corporations compared to historical data.
Clinton continued the recovery by leaving economics to Greenspan and the treasury dept rather than to congress. The threat of deflation is horrifing, but very difficult to get into without the fed going totally stupid AND the banks imploding at the same time. Banks are not allowed to invest today as they did in 1928. They learned.
I hope history repeats on the economy/mil-spend thing, but I fear it will not. Our current president is getting us into a nasty fight for dubious reasons. It was worth the chance to bankrupt ourselves in 1982...the Soviets were very real, and both sides needed the Cold War to end. I am very glad they went broke first.
On taxes: the rich pay a lot more taxes than we do. Look at a rich mans taxes sometime. THEY PAY A LOT. Alternative minimum tax for the "richest" creams them at over35%.
Look at a tax return for a sucessful person making 150k a year, and they probably paid over 40,000 in taxes.
I don't want my sucess confiscated at a different %. I think it is time for a flat rate and dispel the notion forever of rich and poor pay different rates. Only class warfare results from anything "progressive" about taxes.
Bill
[ This Message was edited by: tampa survivor on 2002-11-03 13:57 ]