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View Diary: Tea Party is completely wrong about shrinking federal deficits (42 comments)

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  •  You know, that concept about getting everyone (1+ / 0-)
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    more invested in America through T-bonds is a good one.  I've never really though about it quite like that.  I think I might just have to think that over a little more and add it to my personal colloquial repertoire.

    As far as high taxes on the wealthy go, I 100% agree with you about the dangers of income inequality.  As long as we recognize that we don't need to tax the wealthy in order to get the money to spend on the working and middle class.  Thats the situation we find ourselves in now, Dems think the only way to have programs for the rest of us is to raise taxes on people who make a couple hundred grand a year (Not what I would describe as rich).  And since the Cons will never go for it, we never get any other the programs implemented.  We should just implement the programs and worry about the size of the deficit once we get to full employment.

    The 91% tax rate is effectively an income ceiling, which forces businesses and the really wealthy to extract less of an national income share because they would effectively be working to pay the Govt.  I would definitely like to see that bracket go back in place for people making more than $15 or $25 million a year.  Those are the people that do real damage to our society by buying politicians, think tanks, university economics departments and so on.

    MMT = Reality

    "The Earth is my country and Science my religion" Christiaan Huygens. Please join our Kos group "Money and Public Purpose". The gold standard ended on August 15, 1971, its time we start acting like it.

    by Auburn Parks on Sun Oct 20, 2013 at 05:07:21 AM PDT

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    •  Great post. I completely agree. (0+ / 0-)

      Thanks for the dialogue. If you cogitate on that idea of maximal investment and come up with something interesting, please write a diary on it. I'm certainly not well-enough versed on the dismal science to do so, and you are very clear and cogent in your writing.

      By the way, there was a fascinating article in the Oct 15 issue of The New Scientist about how this turmoil was predictable due to population growth outstripping jobs, driving down wages much to the delight of the elites, and then education expanding the number of elites who are far outstripping the rest in gobbling up the available resources, naturally resulting in a vast chasm between the classes. Here's a link but I'm afraid it might not work due to a pay firewall. Fingers crossed!

      "The modern conservative is engaged in one of man's oldest exercises in moral philosophy; that is, the search for a superior moral justification for selfishness." —John Kenneth Galbraith

      by eyeswideopen on Sun Oct 20, 2013 at 10:23:16 PM PDT

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