September 09, 2009

I'm gonna keep pounding on this...

...until y'all get how important it is. Yes, that's right... ANOTHER post about income inequality. Quit crying and pull up your big girl panties.

There are two data points here. The first is that income inequality is the highest it's been since the Depression, actually since WW1. It's even higher than 1928. The second is that the top 1% of this country has managed, during the Bush years, to capture TWO THIRDS of the income growth in this country.

What can we glean from this, other than that I think it's important and you should as well? Supply side economic policy doesn't build jobs or a strong economy because of it's irrational focus (in practice) with tax cuts as opposed to fiscal responsibility and tax targeting for desired outcomes. The notion that you can drive expansion of the economy by increasing capacity through preferential tax cuts for the wealthy is, well, WRONG. The rich, rather than invest in new capacity, will invest in existing assets. Or keep the money in cash. The certainly aren't building a new tire plant in Cleveland.

Further, when you combine this information with the doubling of the federal debt and the reality that at some point in the future we'll have to pay higher interest rates due to this debt, you should get pretty pissed about ever believing anyone, Republican or Democrat, who advocates supply side.

In fact, I'd like to punch them in the face.

Posted by mcblogger at September 9, 2009 10:27 AM

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Comments

Fuckers! You punch 'em in the face and I'll punch 'em in the d*ck.

Posted by: TXsharon [TypeKey Profile Page] at September 13, 2009 11:18 PM

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