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Dave Johnson
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"The fragility of the economic recovery means that it would be dangerous to allow any taxes to rise in 2011. "
WHY? WHY do they insist that taxes hurt the economy? Where is the evidence of this? If I look at the correlation between GDP growth and top tax rates, the trend line of GDP clearly goes down as top tax rates are cut. I'm not saying there is a correlation but clearly high tax rates weren't hurting the economy when they were at 90%.
If the taxes are redistributed to people who spend the money then obviously taxes would help the economy. And if the tax rates are really high but cap gains is a bit lower, then the incentive to invest helps the economy.
But why this belief that giving a huge chunk of the nation's income and wealth to the top .1% supposedly help the economy?
Commented May 13, 2010 on Martin Feldstein on the Road to Damascus at Brad DeLong
Martin Feldstein on the Road to Damascus
Allow all the Bush tax cuts to expire, he says, in a couple of years when the recovery is well-established. It's very nice to see. He is right, of course. Marty: >Martin Feldstein: Extend the Bush Tax Cuts—For Now: Although it is important to avoid increasing the current tax rates until the recov...
We already have private accounts. Or are you saying it is illegal to save?
Commented May 5, 2010 on The Future of Social Security at Brad DeLong
The Future of Social Security
If the Social Security program remains as specified in current law, then sometime between 2032 and 2070--call it a 50% chance of happening by 2042--the Social Security Administration's trust fund balance at the U.S. Treasury hits zero. At that point, one of three things happen: 1. The Social Sec...
It's funny how you can look at a chart of ... well, anything, and there is a change in direction right around 1981.
Commented Jul 25, 2009 on Savings Rate... at Brad DeLong
Savings Rate...
And Mark Thoma shows us the savings rate: And asks: >Economist's View: How Much of the Increase is Permanent? I would guess that only a small part of the rise in the savings rate is permanent. Financial distress was and is much greater than in past post-WWII recessions, and financial distress is...
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