Greg in Sydney informs us that Australia has a $9 billion budget surplus, and its treasurer is chiding President Bush policy: "That's cutting tax today and sending the bill tomorrow. I want to pay our bill today and then cut our taxes."
Doesn't he understand? It's the Democrats fault! And besides, defiticits don't matter! And besides, there's a war on! Waah, waah!
Seriously, though. The Australia surplus amounts to about $450 per capita. Injecting that into the economy through a tax cut of that amount will likely spur greater economic growth than "paying down the debt" would. As the economy grows, the burden of the debt would, as a percentage, continue to grow smaller and smaller.
James Leroy Wilson's one-man magazine.
Thursday, May 12, 2005
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