The President’s Paygo Schtick

"The 'pay as you go' rule is very simple," President Obama said Tuesday. "Congress can only spend a dollar if it saves a dollar elsewhere. And this principle guides responsible families managing a budget."

But this is an inaccurate description of what budgeteers have dubbed "Paygo." If more money is spent, Congress doesn't have to "save" a dollar elsewhere at all — it can make up the difference by raising your taxes. And that's what Paygo is. It's a way to increase spending now, then raise taxes later, while crying like the late comedian Flip Wilson, "The devil made me do it." Or, in this case, Paygo. More...

Guest Column——Bio and Archives

Items of notes and interest from the web.