Tax Analysts Blog

Something Impossible Is Going to Happen

Posted on Oct 12, 2010

Raise the social security retirement age and start scaling back benefits for high-income recipients. That’s impossible.

Put a lid on Medicare and Medicaid spending that is growing faster than anything in the economy. That’s impossible.

Scale back the size of the military and end the U.S. role as policeman to the world. That’s impossible.

Impose a broad-based carbon tax that will raise much needed revenue and increase our energy security. That’s impossible.

Eliminate the Departments of Energy, Education, and Commerce. Cut employment of all other departments by at least 20 percent. Cut all farm subsidies by at least 50 percent. That’s impossible.

Save revenue and help cap the growth in medical spending by limiting the exclusion for employer-provided health care. That’s impossible.

Stop nurturing the unproductive and bubble-prone housing sector and limit the deduction for mortgage interest. That’s impossible.

Impose a national consumption tax like a value-added tax. Use some of the revenue to get rid of some of the worst parts of our current system. Use the rest to reduce the deficit. That’s impossible.

Prepare for the U.S. government to lose its AAA credit rating. That’s impossible.

Prepare for the U.S. to become a second-rate economic power. That’s impossible.

Know that by not taking relatively small steps now you have contributed to the massive decline in the well-being of your children and grandchildren who have too little education, too little productive capital, and too much debt. That’s impossible.

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