August 22, 2011
Timothy Carney argues here that this goverment wants its citizens to incur debt:
The federal government has probably done more than any other entity to encourage irresponsible levels of borrowing. One example: the single largest tax deduction for individuals is for interest on their mortgages. A second example: The corporate income tax discourages savings by taxing retained earnings, thus encouraging corporations to finance their operations through debt rather than through savings and cash. A third example: After the late-2008 financial panic, both parties pushed policies (like TARP) to get “lending back to normal.”
Of course, this government DOES like debt. If you don’t think so, see my earlier post on “Deficit Growth“. Why pay now when you can (maybe) pay later?
August 11, 2011
Youth riots in London. Flash mobs in Philadelphia and Chicago.
How will the government respond?
From “A Clockwork Orange” (Dir. Stanley Kubrick)