"They create jobs that allow others to pay taxes as well as creating goods and services that are taxed also. "

Well now I’m speaking from the gut and in broad generalizations that don’t have real data. That is, it’s data that we’re now creating and will see in the future. It’s all the IMHO kind of thing. I’m a speculator, so it’s just my way, but I think you’d find more of the stimulus your referring too coming from deeper in the pack. At the upper end I think we’re seeing more and more involvement in the secondary financial markets and less in actual job creation. The rally in the market is maybe the biggest result of the tax cut. If this was from new issues or IPO’s then yes, you’d be spot on – but it’s not. What I see are more and more benefit coming from the performance of shares without any better quality of goods and services. Quarterly profits are generated, by lowering benefits and quality, and expanding in cheaper labor markets – that’s a real cut in benefits to a mill worker. Over time economies will develop in those foreign places so that they will be the significant consumer - so it will all work out – but where will that leave us.

It’s like that picture of the Duck who painted himself into a corner. In order to take the tax burden from the top we’ve got to raise up the bottom. There’s just no money down there anymore. Waste, not the spending, is a great bit of the problem. We’re going to have to go to a very complicated tax law I’m afraid.

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"The object of life is not to be on the side of the majority, but to escape finding oneself in the ranks of the insane."
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