It's like magical thinking!

I've been keeping an eye on the presidential candidates. Like most people, I remain dismayed by the rhetoric. The worst is how the Republicans all kowtow to their radical tax agenda. They all claim tax cuts stimulate economic growth, which is not entirely untrue. Taxes soak up investment money. But government deficit spending inhibits growth by soaking up lending capital that should be reserved to allow businesses to borrow and grow. Now, the biggest player in the world bond markets isn't American business, it's the American government, meaning that the government competes with businesses for investment capital.

How does business fare in this situation? Well, this is America, so they do OK, but they certainly have to pay higher rates for bonds and loans than they would if the US government weren't soaking up a half-trillion dollars in loans per year. A balanced federal budget may mean higher taxes for businesses and investors, but it also means that businesses don't compete with the thousand-pound gorilla known as Uncle Sam in the bond market. The long-term government debt also means the deficits will affect our children's ability to have lower taxes. After all, this deficit spending is really a form of tax on the next generation since they won't be able to reduce their own tax levies while they pay the debt.

So what will The Right do about the deficit they've built over the last six-and-a-half years? Just listen to the presidential candidates to find out: cut taxes! At the very least, they'll defend against any tax increases by squawking "tax-and-spend liberal!" As I've said before, this is the same level of rhetoric you get from a headache remedy commercial on TV: "Head On! Apply directly to the forehead!"

"Tax and spend! Tax and spend!"

I don't know what's worse: the pathetic inability of the opposition party to counter this toothpaste-commercial level of complexity or the mainstream media's fear of revealing this stupid "tax-and-spend" label for the disingenuous tactic it truly is. How about we make both sides give substantive answers to why they want to change tax policy?

CDs listened to today:

• Milli Vanilli: Girl You Know It's True
• Samba Mapalanga: Ujumbe
• Olivier Messiaen: Des Canyons aux Étoiles
• Liz Phair: Whip-Smart
• Alban Berg: Lulu-Suite
• Esa-Pekka Salonen: L.A. Variations