Sunday, April 25, 2010
posted by Spencerblog at
It probably doesn’t matter what cuts of the kind favored by the Tea Party the government makes, it is not the major problem and will make little difference. Of course any significant cuts are highly unlikely anyway.The problem is that entitlements (mainly social security, medicare and medicade) will consume all tax revenues by 2052. See http://www.heritage.org/budgetchartbook/entitlements The recently passed health bill has not addressed the need to reduce health expenditures.Another interesting graph shows what little difference changes in tax rate actually make to tax revenue.See http://online.wsj.com/public/article_print/SB121124460502305693.html and http://www.heritage.org/budgetchartbook/top10-percent-income-earners I take the pessimistic view that little will change until we can’t borrow anymore money and we’ve printed enough to devalue the dollar to the point where there are riots. I hope I’m wrong. The only solution is to increase the GDP, but I don’t see that happening without some deus ex machina rescue by things like the Polywell fusion device or EEStor’s ultracapacitor.
Adrian,You take the pessimistic view because you're a grown-up. BTW, is the ultracapacitor anything like the flux capacitor invented by Dr. Emmett Brown?
I hope EEStor’s 'Electrical Energy Storage Unit' (EESU) is less fictional that the famous flux capacitor. A 300lb EESU is supposed to store 52 kWh, charge in about 5 minutes, not lose charge over time and be recharged a million times without degradation. The ~$3,000 ultracapacitor would power a small car some 300 miles.The problem is that production units were promised by the end of 2009 and have not yet appeared. It doesn’t look like a scam as you can’t invest in the company even if you wanted to. Some innovative device for storing electrical energy is overdue and will dramatically change the way we do many things.
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