The cost factor
Finally a useful service.
I simply love this new web service, and I think that I know at least another person that will use it. The service is realy simple - review of the cost, or savings, of each proposed bill. You can review the site and use its sorting and filter tools, or you can use a direct injection with RSS feed.
The service focuses on:
WashingtonWatch.com starts with government predictions about the costs or savings from proposed changes to government spending, taxation, and regulation. We take these predictions and calculate their “net present value.” That is the value today of changes to future spending, taxes, or regulation.
Then, we divide that “net present value” calculation by the total number of people in the United States. The resulting figures convey the significance to average Americans — in dollars and cents — of proposed changes to the nation’s policies.
WashingtonWatch.com takes the perspective of individual citizens: An increased tax is treated as a “cost” because it takes money from people and businesses. Government spending also “costs” money because it moves money out of the public treasury we all own. “Savings” occur when spending cuts keep money in the public treasury and tax cuts return money to the public.
One thing is sure, this is going to be and endless of ranting fuel for me…
(many thanks to techcrunch for the link)
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But they have a serious terminology problem: Tax cuts, like the repeal of the so called death tax, don't actually save money... They only increase the deficit.
In order to save money one needs to cut expenditure.
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The calculation of cost and saving is not for the budget but for the tax payer. Therefore a bill that cut the amount of taxes will be shown as saving - even if it will increase the deficit. Obviously cutting taxes without reducing government expenditure will lead to higher deficit and increase of cost for those who need to pay it (i.e. - us)
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