Tuesday, March 11, 2003

Empty Wallet Economics Spreading

Yesterday, for those who missed it, we unveiled a new economic theory--Empty Wallet Economics. Read down to get a full explanation. But already we see the influence of this theory spreading. Look at today's article by Cal Thomas.

"The point has been made - and not just by his critics - that the president has not sufficiently rallied the public to his cause. President Lyndon Johnson thought he could provide "guns" to win the ill-conceived Vietnam War and "butter" - a sound economy. President Bush has yet to call for sacrifice or any type of investment by the people - other than military forces - for his grand undertaking."

It is a concern that I suppose all American's have. So perhaps Mr. Thomas is questioning whether we should reconsider enacting a tax cut program that will cost the Government $674 billion over the next 10 years, particularly when nearly half of it is his plan to make dividend income tax free?

No. Don't be silly. If we don't give the wealthiest American's huge tax cuts, then haven't the terrorists really won?

Mr. Thomas proposes, instead, that all Americans bear the burden for this war by buying savings bonds. Although he is concerned that the revenue generated by our purchases will go to "wasteful and unneeded programs," he does think that buying war bonds will forge a unity between the American People and their president that will help us stay the course. It's not that I'm opposed to buying war bonds; I just think it's foolish to ignore some of the larger issues. After all, as Empty Wallet Economics predicts, "Once you spend the money, you have less money."

For those interested in buying a bond to support the war, click here.

No comments: