Mark Dempsey: American government has the legal right to create literally unlimited dollars, so it can never be insolvent. It will run out of dollars when the Bureau of Weights and Measures runs out of inches.
Unsurprisingly, my Republican State Senator, Dave Cox, e-mailed his constituents, saying reducing spending, not increasing taxes, is the answer to California’s $16 billion budget shortfall. He notes that the Legislative Analyst’s Office’s (LAO) proposed alternative budget would raise some additional revenues, and but responds saying “revenues are not the problem. …LAO anticipate[s] that General Fund [...]
Those thinking government is just about taxes and spending need to broaden their horizons, and think of subsidies and favors as the most substantial problems. Taxes are high, not because government is wasteful. They are high because it consistently gives away the store to a select few. Welfare, not for poor people, but for the [...]