Submitted by ssbaker305@yahoo.com, Sep 18, 2008 11:14

The idea that we can just cut taxes (and regulations) to solve every fiscal problem has been shown to be entirely fallacious. The world is dumping the dollar and snapping up gold because of our souring - and unpayable - debts, increased all the more rapidly recently with multiple multibillion dollar bailouts. As for money flowing to the UAE and other Arab countries because they have little or no taxes, well, sure, that is what get when you happen to sit on half the world's oil supply. They don't have to lift a finger to own many (or most?) of our American institutions. When we discover black gold, or more realistically, how to build products and services the world really wants and needs, instead of playing endless financial shell games that ultimately benefit no one (in aggragate, even the main players lost money in the current crisis), then we will see true wealth return to America. The Sun has neither offered a solution to the certain budget crisis facing New York - which, as the Times pointed out, gets fully 25% of its revenue from the near bankrupt financial sector - nor have they even recognized the true cause of the problem from the repeal of things like Glass-Stegal and other sensible regulations in the 90s and 2000s.

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