Parting Thoughts on Tax Talk

You're probably hearing a lot these days about tax cuts -- their size, their duration; their effects.

Let me offer a cautionary note: Virtually everything you hear -- from Democrats, Republicans, Wall Street, Main Street and the pundit classes -- every statistic and syllable is complete, total junk.

I can think of no case in recent history in which anybody correctly forecast the precise impact of any tax cut -- because to do so requires knowing in advance how a slight adjustment in economic incentives will affect more than 130 million working Americans.

So when somebody tells you the cut passed this week by Congress will -- quote -- "cost" $330 billion, don't believe it.

When somebody tells you it will ignite, or extinguish the economy, don't believe that, either.

The main purpose of such talk is to let politicians pose as gods, capable with the mere passage of a bill to revitalize a moribund economy, and transform poverty into wealth; lead to gold; despair into optimism.

As always -- and here's a Memorial Day tie-in -- the real kudos go to the American people who, through their grit and courage and hard work, not only make our nation free -- but also make it prosperous.