Common Sense

When Markets Hiccup, Dumb Ideas Look Even Dumber

There's nothing like a volatile market to make a dumb idea look even dumber.

Like raising taxes. I think — and I'm biased here — always dumb.

But "really" dumb when markets are hiccupping. And I think, hiccupping, in part because taxes could be going up on the whole.

Slowdowns are inevitable — recessions too. And apparently, so are too stupid ideas. Like raising taxes at a time we can ill afford it and markets can simply not handle it.

We know tax cuts create revenues. We know tax cuts create jobs. And we know tax cuts made what could have been a long and awful recession back in 2001 one of the shortest and most shallow in history.

Unfortunately, many in Washington do not know that. But they do know how to read. And they do know the difference between up arrows and down arrows.

And they do know that in an environment of down arrows on Wall Street, you don't talk about putting up arrows in front of taxes on Main Street. That's why you're not hearing them yapping about that.

The media didn't silence them. For now, the markets have.

For now.

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