Tuesday, December 4, 2012

Best Article About the "Fiscal Cliff" To Date

I love Thomas Sowell.


Read this whole thing. He is such a dude. 

"No previous administration in the entire history of the nation ever finished the year with a trillion dollar deficit. The Obama administration has done so every single year. Yet political and media discussions of the financial crisis have been focussed overwhelmingly on how to get more tax revenue to pay for past and future spending."

"The very catchwords and phrases used by the Obama administration betray how phony this all is. For example, "We are just asking the rich to pay a little more."

"This is an insult to our intelligence. The government doesn't "ask" anybody to pay anything. It orders you to pay the taxes they impose and you can go to prison if you don't. Then there are all the fancy substitute words for plain old spending-- words like "stimulus" or "investing in the industries of the future."

"Using lofty words to obscure tawdry realities extends beyond the White House. Referring to the Federal Reserve System's creation of hundreds of billions of new dollars out of thin air as "quantitative easing" makes it seem as if this is some soothing and esoteric process, rather than amounting essentially to nothing more than printing more money."

"Debasing the value of money by creating more of it is nothing new or esoteric. Irresponsible governments have done this, not just for centuries, but for thousands of years. It is a way to take people's wealth from them without having to openly raise taxes. Inflation is the most universal tax of all."