Today’s Brew 12-11-09

Ralph Benko for the San Francisco Examiner:

Interest on the debt will make things interesting

If (!) the economy grows so will tax receipts. Somewhat. But adding in entitlements, the interest on the debt binge will inevitably crowd out all other federal spending.

Bye bye, Health and Human Services! Farewell, Department of Education. Au revoir, Veterans Affairs. So long Housing and Urban Development, State Department, Department of Homeland Security, Energy, Agriculture, Justice, NASA and Treasury. (Wait! We can’t lose Treasury! They collect the taxes and borrow the money! Oh wait. So long Treasury!) And all the rest of the federal government, adieu!

There are limited options, mostly unthinkable.

Raise taxes. It’s politically and economically impossible to raise taxes, certainly not nearly as high as Progressives yearn to do.

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