There's talk in DC about how the current stimulus isn't working, so we really need another stimulus to really get the economy going. In yesterday's Kansas City Star, columnist E. Thomas McClanahan commented about the thought of another "stimulus":
Former Clinton Treasury man Roger Altman had a troubling piece the other day in The Wall Street Journal, saying that quite soon we'll be facing a big tax increase.
The budget deficit and the national debt is increasing so rapidly, he wrote, that perhaps as early as next year Main Street and the financial markets will "exert irrestible pressure to reduce the deficit."
His prediction had a chilling plausibility -- even moreso if you consider the extra debt that would be loaded on with another stimulus package full of wasteful pork like the last one. Even more troubling was Altman's preferred levy: A European-style value-added tax.
That would be the perfect capstone to accompany President Obama's mad drive to replicate the massive tax-and-regulatory structures that have made the European economy so sluggish for the last few decades. An apt word was coined to describe the overall problem: eurosclerosis. Europe built a welfare state it cannot financially support, and its costs and rules suffocate economic dynamism.
Remember, folks (and I'm going to periodically remind you of this fact):
This is OBAMA'S DEFICIT.
Here's the picture. Teach it to your children. Write it on your doorposts.