Lerrick and the "Tax Tipping Point"

Adam Lerrick, economics professor at Carnegie Mellon, wrote a nice article for The Wall Street Journal's editorial page today which asks, "How long before taxpayers are pushed too far?" He discusses the implications of Barack Obama's proposed tax code, based around the always-nebulous liberal concept of 'fairness,' on our nation's most productive workers.

It's certainly worth a read, as is the entire page, but his succinct summation of the process already underway was my favorite part:

The sequence is always the same. High-tax, big-spending policies force the economy to lose momentum. Then growth in government spending outstrips revenues. Fiscal and trade deficits soar. Public debt, excessive taxation and unemployment follow. The central bank tries to solve the problem by printing money. International competitiveness is lost and the currency depreciates. The system stagnates. And then a frightened electorate returns conservatives to power.