Tax Increases

Economist Allan Meltzer said “Capitalism without failure is like religion without sin.” Man have we failed. Someone recently described the current economic mess to me as having the need to push the reset button on a piece of hardware. This person’s thought was that the economy is so messed up (please see story on anticipated state tax hikes of $24 billion) that minor changes will not accomplish anything; therefore, press the reset button.

Here’s my problem with that solution. We all know when the computer constantly freezes and we continually press the reset button we are doing nothing more than looking at a problem with rose colored glasses. What is really needed in instances like this is to trash the computer and get a new one. The reset button can only be pushed so many times. I’m sure we’ve exhausted our use of the reset button by this time.

The new capitalism resembles socialism. We own a car company. Where in the constitution does it tell us we can own this complicated business or how to operate this company?

Back to basics is needed.

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