[lbo-talk] the U.S. economy: a view from Tehran

Kevin Robert Dean Qualiall at roadrunner.com
Sun Aug 19 21:08:28 PDT 2007


Doug Henwood wrote:
> International Herald Tribune - August 17, 2007
> <http://www.iht.com/articles/2007/08/17/opinion/edvarzi.php?page=1>


> A solution to the U.S. debt problem requires radical measures,
> including: the elimination of corporate tax loopholes, a reversal of
> tax breaks for the ultra-rich, a bipartisan campaign to eliminate
> budget "pork," imposition of stringent limits on corporate debt and
> speculative lending, a vast reduction in military expenditure and,
> finally, an additional 50 cent per gallon gasoline tax that would
> slash the federal deficit, curtail energy waste and spur
> technological breakthroughs.
>
> Let us hope America heeds the warnings, dispenses with junk-food
> economics and embraces a crucial diet of fiscal discipline. It
> remains to be seen, however, whether America's political leaders have
> the courage to instigate such reforms, and whether Congress is
> finally willing to do something for the future of ordinary, hard-
> working Americans.
>
> ---
>
> Hamid Varzi is an economist and banker based in Tehran.
>

What of these solutions though? Fiscal Discipline makes me think of Ben Bernanke dressed in leather with a ball gag in one hand and a riding crop in the other. Reverse tax breaks for the "ultra rich"? What's that?



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