How long does it take a society to learn? We’ve been fed fiscal nonsense for more than 40 years. We can fix this if we want. Do we want? Are we a serious people? Nah...
Thanks for another excellent article. Like you, I'm concerned about both spending and debt. Most people take for granted the services government provides: roads, bridges, water, environmental protection, parks, support for the less fortunate, the list goes on and on. But debt can also be crippling, even for the federal government, because the growing interest on that debt must be paid. Unfortunately, taxes has become a five letter word, so while expenses rise, they are not matched by revenue. And it's future generations that will be increasingly affected. But perhaps the recent debt deal is a hopeful sign that democrats and republicans can work together to address this, and other, seemingly intractable problems.
Read an interesting book "Myth of the Self-Made Man"
It pointed out that infrastructure is there for the rich as it is for the poor, but often those who are making their millions claim to have done it on their own
Ignoring the use of infrastructure, government programs, tax incentives, etc
I’m a cheapskate. Partly it’s a function of having been poor for a long part of my adult life, so I’ve gotten past the point where advertisers can overly influence me with shiny new stuff. But I don’t waste money on cheap junk either. Quality tires save lives, running on sketchy tires in the rain and snow is false economy. By the same token running fat off-road tires just to look cool is expensive and wasteful.
I attended the opening ceremony of the new LG water treatment plant. It’s a $25+ million facility to replace one built in the 30’s. That plant was many decades past its useful life and had not been updated to modern standards. As a result nutrients that irreversibly diminished water quality in Lake George were flowing into what we like to think of as the pristine basis of our local tourism economy. It would take a sophisticated economic/ecological analysis to get a solid number on the cost to our environment stemming from waiting many decades past the useful life of the old treatment plant for a replacement. Almost certainly the cost was far greater than the extra millions it cost to build the new plant - which was known to be necessary. So it was appropriate that Democrats at the state and federal level provided millions to build the new plant. I don’t remember the number, something like $19million of the cost?
I was struck by a comment from BOS Chair Kevin Geraghty at the opening. He said, “that (old) plant didn’t owe us anything.” I think he believed allowing the outdated plant to operate for decades was economical, that we saved money. That is the kind of “fiscal conservatism” that hurts us. It is false economy. It’s like trying to get a few more miles out of your bald tires in December.
Remember the whole David Decker affair? The Lake George Watershed Coalition and building the wetlands to filter runoff going into the lake? How much did that cost? Directly downstream of the wastewater treatment plant.
Geraghty wasn't talking to those who may have died early from disease... maybe the plant didn't owe us anything, but the fact he was spending life on his proclamation.
On the same plane of thinking this happened in the early 1990's
William 'Billy' Madden III was the Mayor of Saranac Lake. During his 1987 to 1994 tenure he built up rain day funds in various departments.
He lost an election to a man who said he would cut taxes. In a way the replacement did.
Instead of slowly increasing taxes, he bled the rainy day funds dry.
About three years after the replacement left office a water main burst... there was no longer a rainy day fund.. the Village had to take out a bond
A year after that, there was another 'rainy day' that just pushed up taxes.
The replacement saved taxpayers money short term.
The village is still paying for that replacements bad decisions
I know. Why Republicans still cling to the false idea that tax cuts for the rich lead to their investing in the economy is perplexing. Facts show otherwise. Diane Collins
I am a minimalist in my spending, as were my parents, always living within their very modest means
but always generous in their giving to others in need. I learned from them--frugality and generosity.
and fairness, that all should pay their fair share. The Republicans in the House refused to deal with the tax cuts in their "signature tax bills" --cuts for corporations and the wealthy--which, as you say, greatly increased our deficit. Like Reagan's tax cuts, the "trickle down" theory never trickled down and the debt and income inequality increased, as it has now. Biden's spending created a healthy economy--wages rose, unemployment went down. Biden's proposal for decreasing the deficit--raising taxes on the very wealthy, closing tax loopholes, and increasing the IRS so that they could get billions that were not paid--was firmly rejected by the Republicans who, throughout history, have always supported the wealthy and the corporations in terms of taxes but also removing regulations protecting air and water. They seem to feel that working people should not have the minimum wage increased and that "right to work laws"--which limit the right to union organizing--should be enacted in all states. Not frugality but greed.. My question always is why working people support those who do not support them. Thank you always, Ken, for your words.
I’m reminded that when Clinton was President, he brought down our debt significantly if not entirely. I think we should work harder to make the rich pay more. I’m also opposed to the FIFTY percent increase in the taxes for Warren County. Nobody seems to be caring about that.
While Clinton balanced budget, I think you have to be careful about giving presidents credit for economic booms. Those trends are bigger than one person or policy. The economy boomed. Clinton took the credit.
Right on, again, Ken. Revenue and spending “go together like a horse and carriage…you can’t have one without the other!”
The George W administration inherited a balanced budget from the Clinton administration, the result of Democrats and Republicans working together. Then came 9/11 and the Iraq War and the ensuing increased military spending. What happened then? Taxes were cut, with excessive cuts for the wealthy.
(Am not sure, but was this the first time taxes were cut during a major military conflict?)
Patriotism, to me, means “investing” in democracy, and everyone paying their fair share.
Also, business benefits tremendously from an educated, healthy workforce,; a safe and sufficient infrastructure
It wasn't a revelation.. I had been a cheapskate all along.
But the revelation was -- I could take a month+ vacation to places I dreamed of.. part because I followed my dream. When I dreamed of going to national parks, I didn't dream of staying in $500 a night hotels...so I didn't...
I didn't dream of paying $40 to go into national parks, so I got a lifetime park membership while I was still working.
I didn't dream of a mortgage, so I paid off my house.
I am sure there are many who would never want my lifestyle, to them I say:
How long does it take a society to learn? We’ve been fed fiscal nonsense for more than 40 years. We can fix this if we want. Do we want? Are we a serious people? Nah...
Thanks for another excellent article. Like you, I'm concerned about both spending and debt. Most people take for granted the services government provides: roads, bridges, water, environmental protection, parks, support for the less fortunate, the list goes on and on. But debt can also be crippling, even for the federal government, because the growing interest on that debt must be paid. Unfortunately, taxes has become a five letter word, so while expenses rise, they are not matched by revenue. And it's future generations that will be increasingly affected. But perhaps the recent debt deal is a hopeful sign that democrats and republicans can work together to address this, and other, seemingly intractable problems.
Hope you are right.
Hopeless optimist
Read an interesting book "Myth of the Self-Made Man"
It pointed out that infrastructure is there for the rich as it is for the poor, but often those who are making their millions claim to have done it on their own
Ignoring the use of infrastructure, government programs, tax incentives, etc
Good column.
I’m a cheapskate. Partly it’s a function of having been poor for a long part of my adult life, so I’ve gotten past the point where advertisers can overly influence me with shiny new stuff. But I don’t waste money on cheap junk either. Quality tires save lives, running on sketchy tires in the rain and snow is false economy. By the same token running fat off-road tires just to look cool is expensive and wasteful.
I attended the opening ceremony of the new LG water treatment plant. It’s a $25+ million facility to replace one built in the 30’s. That plant was many decades past its useful life and had not been updated to modern standards. As a result nutrients that irreversibly diminished water quality in Lake George were flowing into what we like to think of as the pristine basis of our local tourism economy. It would take a sophisticated economic/ecological analysis to get a solid number on the cost to our environment stemming from waiting many decades past the useful life of the old treatment plant for a replacement. Almost certainly the cost was far greater than the extra millions it cost to build the new plant - which was known to be necessary. So it was appropriate that Democrats at the state and federal level provided millions to build the new plant. I don’t remember the number, something like $19million of the cost?
I was struck by a comment from BOS Chair Kevin Geraghty at the opening. He said, “that (old) plant didn’t owe us anything.” I think he believed allowing the outdated plant to operate for decades was economical, that we saved money. That is the kind of “fiscal conservatism” that hurts us. It is false economy. It’s like trying to get a few more miles out of your bald tires in December.
Remember the whole David Decker affair? The Lake George Watershed Coalition and building the wetlands to filter runoff going into the lake? How much did that cost? Directly downstream of the wastewater treatment plant.
cost/risk
Geraghty wasn't talking to those who may have died early from disease... maybe the plant didn't owe us anything, but the fact he was spending life on his proclamation.
On the same plane of thinking this happened in the early 1990's
William 'Billy' Madden III was the Mayor of Saranac Lake. During his 1987 to 1994 tenure he built up rain day funds in various departments.
He lost an election to a man who said he would cut taxes. In a way the replacement did.
Instead of slowly increasing taxes, he bled the rainy day funds dry.
About three years after the replacement left office a water main burst... there was no longer a rainy day fund.. the Village had to take out a bond
A year after that, there was another 'rainy day' that just pushed up taxes.
The replacement saved taxpayers money short term.
The village is still paying for that replacements bad decisions
I know. Why Republicans still cling to the false idea that tax cuts for the rich lead to their investing in the economy is perplexing. Facts show otherwise. Diane Collins
CBO has refuted that for years.
trickle down aka peeing on the poor
I am a minimalist in my spending, as were my parents, always living within their very modest means
but always generous in their giving to others in need. I learned from them--frugality and generosity.
and fairness, that all should pay their fair share. The Republicans in the House refused to deal with the tax cuts in their "signature tax bills" --cuts for corporations and the wealthy--which, as you say, greatly increased our deficit. Like Reagan's tax cuts, the "trickle down" theory never trickled down and the debt and income inequality increased, as it has now. Biden's spending created a healthy economy--wages rose, unemployment went down. Biden's proposal for decreasing the deficit--raising taxes on the very wealthy, closing tax loopholes, and increasing the IRS so that they could get billions that were not paid--was firmly rejected by the Republicans who, throughout history, have always supported the wealthy and the corporations in terms of taxes but also removing regulations protecting air and water. They seem to feel that working people should not have the minimum wage increased and that "right to work laws"--which limit the right to union organizing--should be enacted in all states. Not frugality but greed.. My question always is why working people support those who do not support them. Thank you always, Ken, for your words.
I’m reminded that when Clinton was President, he brought down our debt significantly if not entirely. I think we should work harder to make the rich pay more. I’m also opposed to the FIFTY percent increase in the taxes for Warren County. Nobody seems to be caring about that.
While Clinton balanced budget, I think you have to be careful about giving presidents credit for economic booms. Those trends are bigger than one person or policy. The economy boomed. Clinton took the credit.
true
but if you look back the past 50 years you will see the lies of the republicans
1) democrat presents generally lower the deficit
2) republicans don't
a) democrat presidents generally hold the size of government
b) republicans increase them
Poster child for this: rONald rEAgan
I'm glad you are doing what you are doing and will support you as long as I can - Keep on truckin Ken & Will!!!
Right on, again, Ken. Revenue and spending “go together like a horse and carriage…you can’t have one without the other!”
The George W administration inherited a balanced budget from the Clinton administration, the result of Democrats and Republicans working together. Then came 9/11 and the Iraq War and the ensuing increased military spending. What happened then? Taxes were cut, with excessive cuts for the wealthy.
(Am not sure, but was this the first time taxes were cut during a major military conflict?)
Patriotism, to me, means “investing” in democracy, and everyone paying their fair share.
Also, business benefits tremendously from an educated, healthy workforce,; a safe and sufficient infrastructure
Well then I guess you could say he balanced the budget. At any rate, I’ll add that I think he was a great President…..just saying.
a year before I retired I read/listened to "How to Retire the Cheapskate Way" (https://www.goodreads.com/book/show/16171335-how-to-retire-the-cheapskate-way).
It wasn't a revelation.. I had been a cheapskate all along.
But the revelation was -- I could take a month+ vacation to places I dreamed of.. part because I followed my dream. When I dreamed of going to national parks, I didn't dream of staying in $500 a night hotels...so I didn't...
I didn't dream of paying $40 to go into national parks, so I got a lifetime park membership while I was still working.
I didn't dream of a mortgage, so I paid off my house.
I am sure there are many who would never want my lifestyle, to them I say:
"fine, keep working"