Tuesday, October 30, 2007

I like lower taxes...

but I'd like to leave a lower national debt to my kids. The boomer generation is just so damn greedy. They want the tax cuts now, when they're in their peak earning years. In ten years, they'll want better health care and a whole pile of breaks for seniors, including big cuts to property taxes so they can live beyond their means on their pensions. And, oh yes, they'll make sure everything they get from the government is indexed to the penny.
Meanwhile, we've got bridges falling on people's heads. We've got poor people and crazy people sleeping in the streets. And we've got huge public debts and liabilities cleverly hidden by the feds, provinces and municipalities. That's the great thing about being over-governed at three levels: you can stash bonds anywhere.
Now, what happens if, as I expect, we do have a recession next year? Flaherty's tax cuts are now built into the system. They are, essentially, refunds from the windfall the government has been blessed with in a time of incredible prosperity. But if the economy tanks with the US', we'll be running Mulroney-type deficits again as quick as you can say "Michael wilson".

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