Meaning: The quote "Driving with one foot on the accelerator and the other on the brake is likely to get you nowhere, but certainly will burn out vital parts of your car. Similarly, cutting taxes on the middle class, but increasing them on the 'rich' is likely to result in an economic burnout." by Terry Savage draws a parallel between the concept of driving a car and economic policy. It highlights the inefficiency and potential damage caused by contradictory actions, whether in the context of driving or economic decision-making.

In the context of driving, the quote describes the impracticality and potential harm of simultaneously pressing the accelerator and the brake. This action creates a conflict between moving forward and stopping, ultimately leading to a lack of progress and damage to the vehicle. In a similar vein, the analogy is extended to economic policy, specifically the idea of implementing tax cuts for the middle class while increasing taxes on the wealthy.

The underlying message of the quote is that contradictory or conflicting actions can lead to stagnation and negative consequences, whether in the context of driving a car or making economic decisions. It emphasizes the importance of coherence and consistency in actions and policies to avoid detrimental outcomes.

When applied to economic policy, the quote suggests that implementing tax cuts for the middle class while raising taxes on the wealthy can have adverse effects on the overall economy. This assertion aligns with the principles of supply-side economics, which argue that reducing taxes on the wealthy and businesses can stimulate economic growth by incentivizing investment, job creation, and spending. Conversely, increasing taxes on the wealthy may dampen investment and economic activity, leading to potential stagnation or "burnout" in the economy.

Terry Savage's quote also reflects the broader debate surrounding tax policy and its impact on economic growth and income inequality. The concept of "trickle-down economics" is often invoked in discussions about tax cuts for the wealthy, with proponents arguing that such policies can benefit the broader economy by encouraging investment and entrepreneurship. However, critics of this approach contend that tax cuts for the wealthy primarily benefit the rich and exacerbate income inequality without necessarily leading to widespread economic growth.

In addition to the specific focus on tax policy, the quote can also be interpreted more broadly as a cautionary reminder about the potential consequences of contradictory or shortsighted decision-making in economic matters. It underscores the need for a comprehensive and balanced approach to economic policy, taking into account the potential impacts on different income groups and the overall health of the economy.

Overall, Terry Savage's quote serves as a thought-provoking analogy that encourages reflection on the potential repercussions of conflicting actions, whether in the context of driving a car or shaping economic policy. It prompts consideration of the importance of coherence, consistency, and foresight in decision-making, particularly in matters as impactful as economic policy and taxation.