Thursday, April 8, 2010
This money was pickpocketed from you and me, directly (through government spending) and indirectly (increasing debt costs, future inflation, etc).
Bernanke is now calling for tax increases and raising the possibility of reductions in entitlements such as Medicare and Social Security.
Tax increases means we keep less from each paycheck. Reduction in services means that money we've already paid to the government (through social security, etc.) will now instead be paid to the bankers to service the U.S. debt.
Isn't that like a guy who stole our money now trying to steal our paycheck, too?
As JR writes:
We now have the unbelievable spectacle of the banker as the taxman—Volcker, the banker calling for a VAT tax; Bernanke calling for a tax hike and the possibility of reductions in Medicare and Social Security.
At last, the pretense is gone. First these bankers, posing as national leaders with a mission to rein in inflation, steal the money from the treasury, debase the currency, game the debt, and, now, take the lead in asking for more.