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Wednesday, September 21, 2005

Katrina Victims Need Capitalism

While George Bush's rhetoric in favor of free market capitalism has been flawless, his actions have been spotty at times. He has pushed through needed tax reductions but on trade he has occasionally supported tariffs (on steel). His refusal to reign in Congress has led to massive pork-laden bills that have been largely proposed by Republicans. Economic ignorance is not the sole purview of the electorate.

However, with the massive Katrina rebuilding costs proposed by Bush, the economic ingnorance of the politcal class is proposing tax increases to pay for the increased costs.

To the rescue with his usual calm and knowledgeable insights is Jack Kemp. Kemp writes that the tax raisers are wrong and:

even at lower tax rates enacted under Bush tax revenues have grown more than 16 1/2 percent for two straight years. And the capital gains tax is not a tax on the rich, it's a tax on the poor who want to get rich.

The deficit, while numerically large, is but 3 1/2 percent of our $11.9 trillion gross domestic product, which people conveniently ignore when talking about deficits. Growth at 3.5 percent to 4 percent is essential to keeping our revenues sufficient to meet this challenge, and this is no time for the Federal Reserve Board to raise interest rates and slow down the economy.

My guess is the political value of Katrina to big government types of all persuasions has unleashed more populist cals for higher taxes. They have been proven wrong since Bush enacted the tax cuts. They will make our economy as sluggish as Europe's. If so, no one will benefit, mostly Katrina victims.

One admission. Jack Kemp a major reason I moved from life-long Democrat to recent Republican.


At 9:33 AM, Anonymous Anonymous said...

Agree that victims need capitalism. Moreover, Bush needs NOT to spend all of his remaining political capital on rebuilding N.O. with public money. If he proceeds with this idea, he'll truly be a lame duck. Kempo over bush. Too bad Kemp is such a decent man. He cd have been a real contender.

At 9:45 AM, Anonymous Anonymous said...

Kemp was very good as head of HUD. Talk about outreach to minorities based not on the disabling rhetoric of victimization but the complimentary language of true empowerment. Neal, I understand your transformation being sparked by Jack Kemp in practical terms. JS Mill would be proud of you. Bubba "I'm the next Bucky" Crosby (Bill)

At 5:59 PM, Anonymous Huck Foley said...

"If he proceeds with this idea, he'll truly be a lame duck."
Yeah, I guess he can kiss that third term goodbye.

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