[lbo-talk] Toxic fiscalism

[Michael Perelman]

The obvious reason to support large government debt is that when debt gets too low, 
conservatives get greedy for tax cuts.  I remember when Jerry Brown started to put 
money away for a rainy day, the anti-tax crowd used to as an excuse to launch 
proposition 13.  Think about Greenspan's horror when Clinton cut the national debt, 
leading the Maestro to worry that the government might have to use the surplus in 
the stock market.

Some nutty ones want to cut taxes no matter what -- which undermines my argument.  

 
-- Michael Perelman Economics Department California State 
University Chico, CA 95929

Tel. 530-898-5321
E-Mail michael at ecst.csuchico.edu
michaelperelman.wordpress.com