Friday, July 22, 2011

Terms Used in the Budget Debate

  • Whenever anyone attacked "class warfare" it is because the poor are being mean to the rich.
  • "Shared sacrifice" is always defined as significantly reducing the quality of life for the working poor while the idle rich are inconvenienced a tiny tittle.
  • If "the wealthy create jobs" they are doing a piss poor jobs of it. Jobs are created in a vibrant economy and that happens when wealth is shared over a large proportion of the population. When money is concentrated in few pockets an economy stagnates. In the 1950's through the 1970's the average CEO compensation was about 30 times the average worker. Today CEOs are paid 340 times their employees salaries.
  • "Raising taxes hurts the economy." In 1952 unemployment was 3% and the highest tax rate was 92% on income over $400,000 ($3.2 million adjusted for inflation). Today, unemployment is 9.2% and the highest tax rate of 35% is hit at only $379,000 of income. There is no higher tax rate for the super wealthy. (source)

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