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Thursday, March 26, 2009

Sin of Omission

By Keith R. Schmitz

Senator Judd Gregg (R-NH) is obsessing this morning on MSNBC over the "non-partisan" Obama administration and how scary the coming deficit is. Again, somehow the Bush administration's deficits that did nothing for America are to viewed in cozy perspective or totally dismissed. But now we have horror show.

He talks about how foreign investors will not want to buy treasury bills because of the lack of oversight on the part of this administration.

Actually, this is what proposals for raising taxes on upper incomes is all about -- paying down the deficit, letting the world know that we are serious about doing something about the deficit.

Never could get the thinking of the Bush administration that they could jack up the deficit, partially by raising spending but in good measure upper income tax cuts -- and how it wouldn't make us look like deadbeats to our international creditors. But for the conservatives, when you yank away the philosophical veil it was all about filling their pockets at the expense of the rest of us.

The economic philosophies were just for show. We regular folks fret over the economic chaos, but for conservatives the disruption of health care hits, on-again-off-again employment and drained public coffers was just a way to keep us busy and diverted from the raiding of the economy.

Of course the upper income tax increases is seemingly a third rail for conservatives. But fortunately most of the country with their knowledge of how many upper incomes were built with Ponzi-like investment schemes, leveraging and doing nothing productive; are ready to grab it with both hands.

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