Debunking Statist Arguments: Tax away Our Debt
I started this series of blog posts about a month ago when I wrote on the myth of how minimum wage laws help the poor. This time, I'll focus on an issue that is much more
prevalent in today's political climate: taxation.
Argument: We can tax ourselves out of debt! If only the rich paid more then we could wipe away the trillions of debt and restore America fiscally!
Answer: You guessed it: False! America does not have a revenue problem of any sort. Rather, we have a spending problem -- and a massive one at that. I'll use a metaphor that is akin to one that Peter Schiff often uses. Imagine you walk by a drug addict on the street who is shooting up heroin. He looks at you and asks, "I'm all out of heroin and I need more. Can you give me some money?" Hopefully, you would realize immediately that the true problem this man is experiencing is not that he lacks a sufficient amount of drugs but instead is that he has a drug addiction. In the same sense, America (Washington and those who support their policies) does not lack a sufficient amount of revenue, but instead suffers from a spending addiction problem.
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