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View Diary: What the rich pay in federal income tax- pales to what the middle pays in state tax (16 comments)

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  •  Stability is more complex (2+ / 0-)
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    Roger Fox, kurt

    This last recession is qualitatively different from earlier postWW2 ones. It is more similar to the Great Depression, in cause and consequences, than anything else.

    Tax policy can't deliver stability by itself,  although automatic stabilizers in tax and spending can work for the ordinary downturns, limiting length and severity. But not for the liquidity trap scenario of today.

    Real long-term stability requires that the financial sector be strongly regulated. Banking should be boring, as it was for a long time.

    But we now have severe and rising inequality, a broken political system, and little chance of having good economic policies.

    Watching  the discussion of how much to cut food stamps is profoundly depressing.

    "When strong winds blow, don't build walls, but rather windmills: there is a way to turn every bit of adversity into fuel for improvement." -Nassim Nicholas Taleb

    by Urban Owl on Sat Nov 02, 2013 at 05:19:06 PM PDT

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