9 Things The Rich Don't Want You To Know About Taxes
by nanobot, Tue May 17, 2011 at 06:01:25 PM EDT
Hat tip to The Left Coaster for this economic analysis that Oly Mike credits to Critter's Crap.
Economics 101 by Oly Mike.
Critter's Crap breaks down economics for us. It's really quite clear.
Over a long period of time, the numbers show that the economy grows at a rate of 2.1%. We can and should have a discussion about steady state economics in light of resource depletion, but for the purpose of evaluating economic activity, income and wealth growth and distribution, Critter's work is on the money (so to speak).
Here's Critter's Crap:
Then along came Reagan. He essentially said, taxes are too high. It is stifling the economy and stealing money away from those who create jobs and wealth. We need to cut taxes and shrink government. Get it out of peoples' way.
Well, we already know what happened to the economy when he did that. It kept plodding along with about a 2.1% annual growth. At least he didn't hurt it, but he didn't help it much either. Over the next 28 years, 1980 to 2008, the GDP roughly doubled again...but what happened to incomes? Well, let's take a look. The next figure adds the time period 1980 to 2008 to the figure above.
Critter's Crap has an excellent analysis for your average lay person. For economic policy wonks, Critter's Crap credits The Angry Bear with original charts and an economic analysis piece The Angry Bear posted last year and credits to Scott Sumner II.
Last, but not least, here is a David Cay Johnston post that as far as I can tell, includes all of the above and then some:
This relatively simple analysis of one tiny part of the economic picture goes a long way towards explaining why the average voter's opinion of economic issues really should not carry much weight. It also explains why the simple economic cant of the right wing noise machine is so effective. Just repeat and repeat and repeat "Deficits bad, tax breaks for billionaires good!"