Sunday, June 24, 2012

Democrat economics

This morning Fox and Friends Weekend did a piece on how record numbers of rich people are renouncing their citizenship over high taxes. Unfortunately, the whole discussion centered on whether these rich people were patriotic--whether they love their money more than they love their country.

The Fox and Friends team largely ignored the broader economic issue. The more you tax the rich, the more they leave. The more they leave, the more taxes the rest of us have to pay.

It may sound like a good idea for the government to spend more and more money for more and more benefits, and just tax the rich more, but the reality is a bit different. Whether these rich people were patriotic or not is really beside the point. The fact is that the government is spending money like there's no tomorrow and those rich enough to leave, are leaving us with the bill.

Well then, we'll just tax "big business" more! The problem is that big business has to get that money from some place. Some might put a freeze on hiring. Some might raise prices. Some might move their headquarters overseas. Any way you cut it, the more you tax big business, the more we pay.

That's the reality behind Democrat economics.

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