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IPFS News Link • TAXES: Federal

To reduce the deficit we need to raise taxes

• Time magazine
Never mind about mortgaging the future. By running up a monster deficit as it struggles to keep the economy growing, the Obama Administration is setting the stage for sharply higher taxes down the road.

Of course, it\'s not an absolute certainty. The easier option is even more quantitative easing — a euphemism for printing money, which is a dirty phrase economists never like to use. This would devalue the country\'s currency and sovereign debt, triggering a cycle of hyperinflation of the likes the U.S. has never seen.

2 Comments in Response to

Comment by Ross Wolf
Entered on:


Before raising taxes, Obama should first cut in half the monsterous amount he wants to spend on AmeriCorps.

Comment by Lucky Red
Entered on:

 Raise taxes on the working class?  Sure, what else is new?  Actually, they should just stop paying us sheeple altogether and have us work for food and clothing coupons handed out at the end of the work week.  It will be easier for everybody that way and it will dispell any ilusions that any working class stiff may have to ever getting out of the hole.