Saturday, January 22, 2011

"Give me $1 billion to cut the budget deficit"

Yes, I've made this point before. Yes, I'm sure I'll make it again. Yes, Professor Mankiw amused me with this one...

Greg Mankiw: Give me $1 billion to cut the budget deficit
I have a plan to reduce the budget deficit. The essence of the plan is the federal government writing me a check for $1 billion. The plan will be financed by $3 billion of tax increases. According to my back-of-the envelope calculations, giving me that $1 billion will reduce the budget deficit by $2 billion.

...

Healthcare reform, its advocates tell us, is fiscal reform. The healthcare reform bill passed last year increased government spending to cover the uninsured, but it also reduced the budget deficit by increasing various taxes as well. Because of this bill, the advocates say, the federal government is on a sounder fiscal footing. Repealing it, they say, would make the budget deficit worse.

So, by that logic, giving me $1 billion is fiscal reform as well. To be honest, I don't really need the money. But if I can help promote long-term fiscal sustainability, I am ready to do my part.
Hey, I'm cheap - I'd do it for $10 million, 1% of Professor Mankiw's price...

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