A new piece up today at Pajamas Media.
Looking at it, I think I wish I’d have gone one graph deeper into the subject.
What I really want to make clear, and state as strongly as possible , is that this shows arithmetically that taxes are not the answer. No tax scheme, no matter how onerous or how liberal or how “conservative” or “reactionary” or “confiscatory” or “supply side”, can produce a surplus or reduce the debt unless the economy grows faster than expenditures. Any tax scheme, no matter how fair or unfair, will eventually produce a surplus and buy down debt, so long as the economy grows faster than expenditures. If you want universal health care, or immediate progress to colonies on Mars, or a government-provided pony for every little boy and girl, you have to make sure the economy grows fast enough to cover it. Over the long term, nothing else will work.