Thursday, December 16, 2010

Schiff's Way out of This Mess

Since midsummer, so much ado has been made about the extension of the Bush tax cuts. In truth, the "benefits of holding taxes low will be more than mitigated by damage done by larger deficits" says Peter Schiff. So many others are in agreement with this fact that it isn't necessary to link them all.

Dr. Doom and Gloom, while very entertaining, informing, and insightful, has become somewhat formulaic in his prescriptions to cure the crisis. And yet, I can't seem to get enough of reading his columns.

What's his solution to the crisis this time around? The same one he's been giving before:
What we really need are massive cuts in government spending so we can have true tax relief. In addition, we need to remove the government-imposed barriers which make our economy uncompetitive, and which are preventing market forces from correcting the imbalances.
He concludes with a clear message, "by expanding government and increasing debt, the plan puts us farther than we have ever been from a real recovery."

Of course this is not to say that we do not need tax cuts. When the people get their money back or are allowed to keep their money this is always a good thing. The problem is the spending.

Read the rest of Schiff's latest column here.

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