Saturday, August 13, 2011

German Example Shows Why the US Should Raise Taxes to Get out of Debt Crisis: Peter Bofinger Reports at SPIEGEL ONLINE

We can only affirm that the following statement contains the correct remedy for the U.S. debt crisis.

Why the US Should Raise Taxes: German Example Shows Way Out of Debt Crisis - SPIEGEL ONLINE - News - International
"Almost all the industrialized economies are struggling under the weight of enormous debt levels. The problem is their government revenues are too low. Debt-ridden countries like the United States, Ireland and Japan need to raise their taxes to a similar level to Germany.
It is essential that policy-makers in debt-ridden countries get moving on their public relations efforts to correctly inform their citizens that they can not have their cake and eat it too. Modern governments are fundable without debt crises, but you have to raise taxes to do so.

The height of citizen irresponsibility is demonstrated by such archaic groups as the Tea Party in the USA, who want to remain big shots in this world, but not finance their elite position. It is not going to work.


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