Fire Up The Money Presses!

Americans continue to party while Rome burns.  After eight years of wildly spending on credit, you would think the current crisis may have had a small impact on our behavior.  Instead, in order to pass the bailout package, the senate had to guarantee the champagne would keep flowing on our children's tab.  Here;s my favorite one (courtesy bizjournals)

Buried in the plan are numerous other tax breaks, including doing away with a 39-cent excise tax on makers of wooden arrows designed for children as well as tax breaks for movie producers and stock-car racetrack owners.

In theory, I support some of the tax breaks in the Senate bill, including extending AMT relief and breaks for research in alternative energy.  (Though I do wish AMT relief covered more people, including myself).

But this country is not only in a credit crisis.  It is also in a debt crisis and an economic crisis.  These may all be related, but they are not the same.  The current bill worsens the debt crisis unnecessarily.  At some point, the people and government of this country will have to face the music and pay its bills.  Tax rates cannot go in one direction forever.