Posted 2/4/2024 22:42 (#10609146 - in reply to #10609142) Subject: RE: Jpow on 60 minutes
reformedbanker - 2/4/2024 22:35 Raising taxes would remove dollars from consumers and leave them with less purchasing power. I think that would lower inflation. I also do not believe either party has the political popularity necessary to raise federal taxes right now or anytime soon.
Raising taxes to remove purchasing power from consumers only works to lower inflation if the govt uses that money to lower the deficit and doesn't spend that money. If the govt spends the money you're just replacing less private spending with more public spending, which would have no affect on inflation.
Neither side has shown any real signs of actually wanting to cut spending and lower the deficit for ~ 30 years.
Jpow on 60 minutes
