The S&P recently came out with a report on how inequality is allegedly dampening economic growth. Some smart replies here and here.
If you’re following the debate over Thomas Piketty’s book Capital in the Twenty-First Century, don’t miss this analysis from the Tax Foundation or this article from Don Boudreaux.
Debt Deniers such as Paul Krugman tell us there’s no reason to try to rein in entitlement spending now. The Committee for a Responsible Federal Budget looks at the costs of delay for Social Security. “[M]aintaining solvency over 75 years by increasing payroll tax rates would require a 2.83 percent immediate payroll tax increase. Waiting ten years would raise that rate increase to 3.5 percent (for a 15.9 percent total rate), and waiting until 2033 would raise the rate increase to 4.3 percent (for a 16.7 percent rate). Delaying the rate increase also effectively exempts those close to retirement and puts more of the burden on younger workers.”
This is too obscene to comment on, but incredibly revealing of the mentality behind the economic inequality campaign: “The case for a maximum wage.”
