Sunday, July 09, 2006

Good news for subsidy fans...

Tax receipts are sharply higher, surprising most analysts. Thanks to corporations and the very, very wealthy the deficit could fall below $300B even with the war and Katrina. While many on the right will point ot the fact that an enormous part (about 1/3) of our taxes is paid by the upper 1%, I can't help but think how lopsided income distribution has to be in order for that to be true.

Spending continues to grow faster of course, but this piece of data will inspire many election-anxious Congresshumans to put more shoats on feed for the upcoming Porkfest. Just in time for a new farm bill!

Jeez- I haven't used the word "shoat" for decades.

2 comments:

brian said...

John,

Since Larry Combest refused to debate Ken Cook, maybe you should see if you can get the gig. It sounds like Cook has in mind a kind of traveling debate show - something with a little history in your state. I realize that you don't provide the perfect foil for Cook, given your view of subsidies, but I bet there is still quite a bit of space between the two of you for some sparks to fly. What say you.

John Phipps said...

Brian,

You said it yourself - I don't have many differences with EWG. In fact, I have pointed out that the single guy who generates their database is more productive than several floors of economists at USDA.

It would be a pretty boring debate. Not that I haven't done boring before.