Here is the quote of the year, from George Will, about politicians:
“The almost erotic pleasure of spending money that others have earned and saved is one reason people put up with the tiresome aspects of political life.”
Spot on. I hear a lot about what politicians will spend more money doing, but no details whatsoever about what they will do to stop spending our money.
George Will was noting that the large sums of money being spent on the financial bailouts will drain the reservoirs of money pots politicians would otherwise use for their own spending follies. That, of course, is a problem more widespread than many realize. The trillion dollars being spent has to eventually be paid by someone.
As Will implies, but does not explicitly state, what that means is taxes will be going up in the future. Dramatically. Because politicians will not cut-back on other spending to pay for the bailout. It will require more money, which means more taxes.