HOW TO ABOLISH ALL TAXES

Nobody likes taxes. The government doesn't even like them enough to collect as much as they spend. So, why not go one step further? Get rid of all taxes and run the government on deficit spending.

Sounds crazy, but it is only a matter of degrees. If we use deficit spending for half of our expenses, why not use it for all? It's just like someone who quits his job and lives off his home equity loans. It beats working for a living. Just go deeper in debt and forget about the future.

All we have to do is keep borrowing the money from China. The interest on the national debt can be paid by printing more and more dollars. We borrow a dollar that buys a dollar's worth of groceries, then print some more dollars that will only buy 50 cents worth of groceries and pay the bonds when they mature. Of course those crafty Chinese might want us to pay interest rates of 50% on the money we borrow to offset the inflationary effect of our deficit spending.

All we need to do is to keep those printing presses busy churning out all that money. And it can last a long time since there is no shortage of ink.

What do we do when the interest on the national debt exceeds our Gross National Product?

Why do I have a sneaking suspicion that this plan might have some drawbacks?