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View Diary: 10 Things the GOP Doesn't Want You to Know About the Debt (128 comments)

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  •  Taxing the wealthy (1+ / 0-)
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    Hirodog

    who are sitting on vast sums of money, rather than investing it in productive enterprises, then putting that money into circulation in the general economy through government spending, will not harm the economy. Just the opposite.

    "A lie is not the other side of a story; it's just a lie."

    by happy camper on Fri Jun 24, 2011 at 10:56:36 AM PDT

    [ Parent ]

    •  Nobody "sits on money" (0+ / 0-)

      Virtually all the money that the rich are "sitting" on is actually invested in bank deposits which are loaned out to borrowers, bonds or stock funds which are used by corporations to invest.  Only gold bugs actually hoard their wealth and don't make any investments with it.

      putting that money into circulation in the general economy through government spending, will not harm the economy

      This is where your theory goes off the rails.  The taxes on the rich will be used to reduce the deficit, not spend on government needs.  That is the whole point of the DEFICIT REDUCTION TALKS.

      If the government needs money to spend, it can just print more of it and let the rich spend or invest their money too.  There is ABSOLUTELY NO POINT IN RAISING TAXES NOW!!  In fact, raising taxes is highly counterproductive to reducing unemployment.

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