Thomas Sowell has done it again: he has punctured the helium-filled balloons filled with politician’s promises, using words without meaning. Who controls the meaning of words controls the conversation.
First are the words “fiscal cliff.” Peter Schiff had the best explanation: the fiscal cliff is a combination of spending cuts and tax increases which, taken in the aggregate, would cut the annual deficit by $500 billion. Period.
The “tax holiday” is the temporary reduction in payroll taxes funding primarily Social Security. And the debt ceiling is the imaginary limit to government spending that gives politicians the opportunity to promote themselves on TV before voting to raise it.
Sowell first wants to talk about the phrase “tax the rich.” The problem is that it’s all for show:
Despite all the melodrama about raising taxes on “the rich,” even if that is done it will scarcely make a dent in the government’s financial problems. Raising the tax rates on everybody in the top two percent will not get enough additional tax revenue to run the government for ten days. (my emphasis)
It’s not about raising revenue at all. It’s about