Andrew Sullivan.com directs us to this op-ed by Will Wilkinson who argues against the conservative philosophy that cutting revenues (taxes) will result in lower spending. He refers to this as the "starve-the-beast" strategy for reducing spending and hence the size of government, and he concludes that it doesn't work:
When current spending is financed by current taxes, voters see it as their money being spent, and so are more motivated to be frugal. But when current spending is financed by debt, voters see it as future voters' money being spent. If voters prefer to benefit now and have some one else pay later, there is no good reason to think legislators will see deficits as a reason to restrain themselves.
But we need principled political discipline now more than ever. It is not enough to cut out the pork. According to economists Jagadeesh Gokhale of the Cato Institute and Kent Smetters, cutting the entire discretionary budget forever would still not be enough. The real fiscal beasts are Social Security and Medicare. Unless they are tamed by serious reform, they will grow out of control and devour almost all future federal revenues.
A sustainable and just America requires the principled will to eliminate the unconstitutional, the inessential and the ineffective, and the courage to reform Social Security and Medicare today so that future generations will inherit a world at least as well-off as our own.
It's an interesting argument that Wilkinson makes and readers should peruse the entire piece at the link.
