>I'll take your word for it.
>My euphemism reflects a lack of a precise
>political-economic picture underlying what
>is to me a very clear drive to liquidate
>public debt, rather than cut the hell out
>of income & wealth (i.e., estate and gift)
>taxes. Why is there so little elite support
>for dunking the top income tax rate(s) and
>repealing the estate and gift tax? Here in
>Beltway land, it's pretty obvious what
>elites favor (with exceptions, natch)
>and what they don't. And it's debt
>pay-down, not tax cuts.
The explanation may involve at least as much psychology as politcal economy: there's some compelling fantasy lust for paying down the debt. The private sector can be as profligate as it likes (it's productive, after all), but that parasitical government sector has to keep its books in order. In the words of some damn hardcore song I heard once 10 years ago, "Pull your weight/stay straight/don't masturbate."
But maybe the PE explanation is using the public sector to boost national savings rates, which is something that central bankers seem to worry about.
Doug