I was just looking at this funny anti-Obama poster calling Obama’s spending plan the Debt Star. Ironically, though, the real Debts Stars — the guys who amassed the largest deficits in American history — were Reagan and W. And they did it with the help of tax cuts paid for by debt, an arms race paid for by debt, and wars paid for by debt. As a matter of fact, the whole notion of tax cuts in the U.S. is really just one festering delayed taxation scheme we pay for in the short term by borrowing. We simply redistribute the wealth today by making someone else pay for it tomorrow.
And here we go again, the Republicans are calling for more tax cuts and Obama has had to put tax cuts into the stimulus bill. One day we’ll look back and won’t be able to distinguish the tax cuts from the toxic mortgages, predator lending, bailed-out flunkies and ponzi schemes.