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Last December, we published a note titled The Long Now, Pt. 4 – SNIP! , as part of the Long Now series, which is still, I think, the best entry point for someone new to Epsilon Theory to figure out what all the fuss is about.
The note is about the cutting of the cord between taxes and spending, which is pretty much the last thing that keeps us citizen astronauts tethered to the spaceship of non-totalitarian government. And in that note I wrote this:
I think that whoever is elected in 2020, we will see a $2 trillion spending plan enacted in 2021.
If it’s a second term for Trump, it will be the 2021 Make America Great Again Act, and we will call them “Infrastructure Bonds”.
If it’s a first term for a Democrat, it will be the 2021 Take Back America Act or something like that (I suppose if it’s President Biden we can hope for the 2021 No Malarkey Act, although I’m rooting for the 2021 OK, Boomer Act), and we will call them “Green Bonds”.
Since then we got this in April:
And now this on Tuesday:
LOL. See, this is why you become a paid subscriber to Epsilon Theory. We can’t always write tomorrow’s headlines today. But we do try.
More seriously, though, I want to leave you with the conclusion to Snip! . Once the tether between taxes and spending is cut:
There are no limits to the retributive and malicious use of taxation as a political weapon.
There are no limits to the retributive and malicious use of spending as a political reward.
This isn’t a Democrat thing and this isn’t a Republican thing. It’s a power thing.