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Monday, April 20, 2009

I Can Knock a Hundred Dollars Off That Tru-Coat

About the claim from the President that 95% percent of the public will be receiving a "tax cut:" to me a tax cut is when tax rates and spending are lowered. A tax cut, no matter how minuscule, without cuts in spending is more accurately called (and the Congressional Budget Office concurs) an expenditure, one that will be added to the stupefying deficit our president and the Congress have, as did their predecessors to a lesser extent, already run up and eventually have to be repaid.

Other than being on a far grander scale, this "tax cut" is no different from the classic ploy of car dealers, who when moving in for the kill, offer their hapless marks a "free" first monthly payment. If the mark bites, that "free" payment is then simply added to the total amount of the loan (the dealers call it "backloading"). Nowadays, car dealers must disclose such a shady maneuver via a truth-in-lending statement but the president and Congress are under no obligation to be as honest as car dealers.

Taken for a ride.

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