After Obama’s victory yesterday, I have had to swallow my bitterness and look to the future. The most urgent issue to confront is card check, but that involves a lot of political wrangling and knowing who to pressure to keep it from passing, or mounting the proper legal challenges if it is passed. The proper response to card check is above my pay grade.
I would, however, like to solicit opinions on the following idea:
(Note: This entry assumes that Obama’s tax cuts that he campaigned on are enacted)
I would propose that any excess tax savings by the middle class be used to directly pay down the national debt. As we well know, taxing the producers means less production. Giving money to consumers means more consumption. Put the two together, and you get inflation. I realize that it’s a lot more complicated than that, but that’s the gist.
Any other thoughts on how to properly use Obama’s promised tax cuts?