Quote:
Originally Posted by sebastian_dangerfield
The aggregate effect isn’t mild. By asserting it is, Krugman assumes something contrary to reality. https://www.cnbc.com/2018/01/18/few-...emergency.html
https://money.cnn.com/2018/05/22/pf/...ces/index.html
https://www.theatlantic.com/magazine...-shame/476415/
https://www.theguardian.com/commenti...k-robert-reich
There are a lot of reasons for this, including a lot of Americans making unwise financial decisions. But the overwhelming majority of it stems from policy decisions and changes in the labor market. This is not “mild” in any regard.
The notion it’s mild is undone by the admissions at Davos this very year. The Brahmin of global capitalism even admitted that the old neoliberal system is losing (or has lost) its grip because there are too many angry and forgotten people to control. Christ, look at the crazy confiscatory tax Warren just proposed. This political upheaval, these admissions from the “elites” themselves, do not describe problems in the global economy one would call mild. They are extreme reactions to an acute and significant group of problems. |
I don't think you understand Davos. Most of those planes come from MENA, Russia, and the Autocracies of Asia.
You think a 2% wealth tax on wealth over $50M is confiscatory? Really? What are your property taxes? Here in Mass, median home and mortgage are about $400K and $300K, respectively, and average retirement savings are around $200. With a 2 1/2%+ property tax (prop. taxes are limited by law to 2.5$ unless the town votes to "override" the limits), most people are paying more than 2% in wealth taxes each year (the wealthy aren't - they have more wealth in assets that aren't part of the tax and less leveraged homes).
We can debate the merits, but calling it confiscatory is just moronic and out of touch. Get a clue.
