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View Diary: Killing Sacred Liberal Cows, or What Economists Think About the Economy (105 comments)

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  •  Running this government on consumption (2+ / 0-)
    Recommended by:
    RandomNonviolence, Roger Fox

    taxes?  First of all, that is the very least progressive option on the planet; and second of all it is the very least progressive option on the planet.

    Around the time of the debate when these cuts were implemented, CNN ran a story that was in about three of the afternoon hours and then suddenly disappeared.  It was a brief outline of what 2% meant to someone annually who was earning $40,000 vs. what 2% of income for someone in the multimillion dollar category.  They showed "things" like x number of cups of coffee for a person earning $40,000 and a Mazerati for the millionaire.

    Apply that to things like taxes on groceries which in some states are as high at 8 or 9% then just for the sake of argument assume that the millionaire and the worker buy about the same amount of food annually - that millionaire is not going to feel the pain of high taxes on groceries while the worker certainly will - especially with food prices going up the way they are these days.

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