We have arrived yet again at that moment in the cycle where expectations disconnect from reality, where large parts of the public think both tax cuts and spending increases can follow one another without consequence. The problem with this kind of thinking is that left unchecked we end up where we always end up in austerity of one kind or another. Removing a broad, fair, and highly progressive tax makes little economic sense, so it won’t happen unless we reduce income taxes while increasing consumption and wealth taxes substantially – and I have more chance of being appointed a Senator…

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