Sunday, July 27, 2008

Can’t tax way to prosperity

While government-to-the-rescue programs may ease some of today’s problems, they may worsen the situation in the long run, particularly when lawmakers raise taxes to pay for the programs.

The Conference Boards Consumer Confidence Index declined in June to just 50 percent, its lowest level in 16 years and about half of what it was a year ago. That’s not surprising given rising food costs, skyrocketing oil prices and home mortgage troubles.

It’s tempting in such situations for voters to demand action from Washington. And the pols usually are only too willing to oblige. Even now Congress is debating a $300 billion housing bill to bail out Americans unable to make their mortgage payments.

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