Even for the middle class, things are not as they should be.
The first half or so of this is excellent, and addresses a point that I have never made: the income taxation of wages is a HUGE driver of inequality, and it puts a far larger burden on lower classes than on higher ones. End the income tax!
Both sides of the campaign finance debate remain unconvincing. On one hand, money is speech, and these types of campaign donations are exactly what democracy entails. On the other, the result is oligarchy (which may be the natural progression of democracy). Bob Murphy at least, is a guy making sense on the issue: (1) If…Details
Quote: [I]f it wasn’t for the (government-mandated) spending surge resulting from Obamacare, which resulted in the biggest jump in Healthcare Services spending in the past quarter in history and added 1.1% to GDP, real Q1 GDP (in chained 2009 dollars), which rose only $4.3 billion sequentially to $15,947 billion, would have been a negative 1.0%!…Details
All this time blogging and I realized I had never brought this topic up. Sheesh… The problem of economic calculation is the topic of your lecture of the week (next week, and since it is Easter on Sunday I do not want to post it then, so here it is…). This one should not be…Details